Decision details

The report seeks final confirmation of the recommendations to be made to Council, on 23 February 2024, in respect of the revenue budget, capital programme and council tax for 2024/25.

On 08 January 2024, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the revenue budgets and the council tax for 2024/25. The report updates the Council’s budgets to reflect the decisions taken and other known changes since 08 January 2024, including the provisional local government finance settlement.

The capital programme for the years 2023/24 to 2027/28 will be £58,678,500.

The net revenue budget for 2024/25 will be £13,292,600.  With core funding estimated to be £5,079,839 and no payment form the collection fund, the total amount due from the Council taxpayers will be £8,212,761.

Taking these changes into consideration, the council tax for 2024/25 will be £185.86 per Band D property.  This represents an increase of £5.40 per year from the Council tax set for 2023/24 and is within the 2.99% referendum threshold set by the Government.

RESOLVED that the Executive:

Financial Forecasts (MTFS)

(a)  approves the Medium-Term Finance Strategy for the period 2023/24 to 2027/28 as set out at Appendix C to the report;

(b)  agrees to submit the updated Pay Policy, annexed to the Medium-Term Finance Strategy in Appendix C at Annex 2, to Full council for approval;

Revenue Budgets

(c)  approves the revised 2023/24 general fund revenue budget, amounting to £12,376,100 as set out in Appendices A and B to the report; and

(d)  approves the base 2024/25 general fund revenue budget amounting to £13,065,600, as set out in Appendices A and B to the report.