Agenda item

To consider the report of the Cabinet Member for Finance & Parking

RECOMMENDED TO COUNCIL

(i)    That the level of Council Tax for 2023/24 increases from £162.09 by £4.85 (2.99%) to £166.94 at Band D.

(ii)   That the net revenue budget set out in Appendix A for 2023/24 of £13.513m is approved.

(iii) That Special Expenses of £336,920 set out in Appendix C and a Band D charge of £27.53 are agreed in respect of the unparished area for 2023/24.

(iv) That the capital programme for 2023/24 set out in Appendix D be approved and that the indicative capital budgets in the programme for future years be noted.

(v)   That the projected future budgets on the revenue account in 2024/25 to 2026/27 are noted and the Medium-Term Financial Strategy continues to be reviewed and refined to ensure that decisions are taken to set balanced budgets in these three years.

(vi) That the Minimum Revenue Provision Statement set out in Appendix E is approved.

(vii) That the Capital Strategy, Treasury Strategy, Investment Strategy and prudential indicators and limits for 2023/24 to 2026/27 set out in Appendix F are approved.

(viii) To note the statement on the robustness of the level of reserves in Appendix H.

(ix) That the increases to fees and charges set out in Appendix I to I(iii) are approved.

(x)   That the New Homes Bonus earmarked reserve is renamed to an Environment and Infrastructure earmarked reserve

(xi) That the £2.9m Funding Guarantee grant received in 2023/24 is earmarked for £1m to help support residents in need through the cost of living, £1.6m food waste collection implementation, £0.3m for a new path around Horsham Park in the capital programme and £50,000 is used in 2023/24 to fund the painting of the street furniture in Horsham town centre in time for the Coronation on 6 May 2023.

REASON

To meet the Council’s statutory requirement to approve the budget and the prudential indicators before the start of a new financial year.

Councillor Tony Hogben, Cabinet Member for Finance & Parking, introduced the proposed Budget for 2023/24.  He summarised key features, which included recognition of the impact of the cost of living crisis:

·         an increase in Council Tax well below the current rate of inflation (approximately £4.85 per year for a Band E property); 

·         £1m to support those on Council Tax support and other benefits, and to support the voluntary sector;

·         £15m environmental infrastructure reserve to tackle environmental improvements and decarbonisation; and

·         £8.5m capital programme. 

He put these in the context of the challenges and uncertainty facing the Council’s medium-term financial forecasting, which predicted a budget deficit within the next 18 months. 

Councillor Hogben confirmed that the Council’s minimum reserve level was being kept at £6m; this was higher than other local authorities in West Sussex.  He supported this prudent approach, which brought greater resilience for future years.  Councillor Hogben also advised that the proposed introduction of discounted parking season tickets at the BT Exchange carpark should increase season ticket revenue and make better use of spaces in a currently under-used commuter carpark.

The recommendation within the report referred to an incorrect date, and it was confirmed that the budget would be considered by Council on 22 February 2023.  Cabinet gave their unanimous support.

RECOMMENDED TO COUNCIL

(i)      That the level of Council Tax for 2023/24 increases from £162.09 by £4.85 (2.99%) to £166.94 at Band D.

(ii)      That the net revenue budget set out in Appendix A for 2023/24 of £13.513m is approved.

(iii)     That Special Expenses of £336,920 set out in Appendix C and a Band D charge of £27.53 are agreed in respect of the unparished area for 2023/24.

(iv)     That the capital programme for 2023/24 set out in Appendix D be approved and that the indicative capital budgets in the programme for future years be noted.

(v)     That the projected future budgets on the revenue account in 2024/25 to 2026/27 are noted and the Medium-Term Financial Strategy continues to be reviewed and refined to ensure that decisions are taken to set balanced budgets in these three years.

(vi)     That the Minimum Revenue Provision Statement set out in Appendix E is approved.

(vii)    That the Capital Strategy, Treasury Strategy, Investment Strategy and prudential indicators and limits for 2023/24 to 2026/27 set out in Appendix F are approved.

(viii)   To note the statement on the robustness of the level of reserves in Appendix H.

(ix)     That the increases to fees and charges set out in Appendix I to I(iii) are approved.

(x)     That the New Homes Bonus earmarked reserve is renamed to an Environment and Infrastructure earmarked reserve

(xi)     That the £2.9m Funding Guarantee grant received in 2023/24 is earmarked for £1m to help support residents in need through the cost of living, £1.6m food waste collection implementation, £0.3m for a new path around Horsham Park in the capital programme and £50,000 is used in 2023/24 to fund the painting of the street furniture in Horsham town centre in time for the Coronation on 6 May 2023.

REASON

To meet the Council’s statutory requirement to approve the budget and the prudential indicators before the start of a new financial year.