Agenda item

To consider the report of the Cabinet Member for Finance and Resources

RECOMMENDED TO COUNCIL

i)      That the level of Council Tax for 2024/25 increases from £166.94 by £3.34 (2%) to £170.28 at Band D.

ii)     That the net revenue budget set out in Appendix A for 2024/25 of £14.538m is approved.

iii)    That £0.6m of the £3.55m Funding Guarantee grant received in 2024/25 is used in Revenue to balance the budget, £0.55m to be used to fund up to £195 for working age and pension age claimants on Council Tax Support, with the remainder earmarked against potential overspend in 2024/25 and as a reserve to help resolve future budget deficits in the Medium-Term Financial Strategy.

iv)    That Special Expenses of £456,865 set out in Appendix C and a Band D charge of £37.21 are agreed in respect of the unparished area for 2024/25

v)     That the capital programme for 2024/25 set out in Appendix D be approved and that the indicative capital budgets in the programme for future years be noted.

vi)    That the projected future budgets on the revenue account in 2025/26 to 2029/30 are noted and the Medium-Term Financial Strategy continues to be reviewed and refined to ensure that decisions are taken in 2024 to set a balanced budget in 2025/26.

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

viii)That the Capital Strategy, Treasury Strategy, Investment Strategy and prudential indicators and limits for 2024/25 to 2027/28 set out in Appendix F are approved.

ix)    To note the statement on the robustness of the level of reserves in Appendix G.

x)     That the increases to fees and charges set out in Appendices H to H (iii) are approved.

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 Mark Baynham, Cabinet Member for Finance & Resource introduced the report on the Council’s Budget 2024/25 and Medium-Term Financial Strategy to 2027/28.

He summarised the key points which were:

·       that net expenditure has increased by £0.8m from 2023/24 which was primarily a result of inflation.

·       £14.5m budget will be set.

·       Basic Council Tax for most residents will rise by 2%.

·       Council tax base band D will be £170.28 which is an increase of £3.34

·       £10.5m Capital Programme to support infrastructure in the environment

He highlighted that there was significant uncertainty in the medium term, with the risk of a gap growing and likely deficit by the end of the decade which would be carefully managed. He felt the budget was prudent but realistic and designed to support the ambitious Annual Plan. He mentioned that part of the Annual Plan was to ensure the Council set a balanced budget.

Final settlement information was likely to be available from Government in February.

In response to concerns raised regarding budgetary provision to support Parishes with Youth Services, Councillor Sam Raby, Cabinet Member for Housing, Communities and Wellbeing advised that plans were in place to review Youth Services this year.

In response to the issue raised regarding a 9% increase in rural car parking charges affecting already struggling businesses in the district, the Cabinet Member stated that charges were still comparably lower than other authorities and that the increase would support scheduled car park improvements.

RECOMMENDED TO COUNCIL

i)      That the level of Council Tax for 2024/25 increases from £166.94 by £3.34 (2%) to £170.28 at Band D.

ii)     That the net revenue budget set out in Appendix A for 2024/25 of £14.538m is approved.

iii)    That £0.6m of the £3.55m Funding Guarantee grant received in 2024/25 is used in Revenue to balance the budget, £0.55m to be used to fund up to £195 for working age and pension age claimants on Council Tax Support, with the remainder earmarked against potential overspend in 2024/25 and as a reserve to help resolve future budget deficits in the Medium-Term Financial Strategy.

iv)    That Special Expenses of £456,865 set out in Appendix C and a Band D charge of £37.21 are agreed in respect of the unparished area for 2024/25

v)     That the capital programme for 2024/25 set out in Appendix D be approved and that the indicative capital budgets in the programme for future years be noted.

vi)    That the projected future budgets on the revenue account in 2025/26 to 2029/30 are noted and the Medium-Term Financial Strategy continues to be reviewed and refined to ensure that decisions are taken in 2024 to set a balanced budget in 2025/26.

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

viii)That the Capital Strategy, Treasury Strategy, Investment Strategy and prudential indicators and limits for 2024/25 to 2027/28 set out in Appendix F are approved.

ix)    To note the statement on the robustness of the level of reserves in Appendix G.

x)     That the increases to fees and charges set out in Appendices H to H (iii) are approved.

REASON

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