Issue - meetings

Members gave consideration to a report which presented the Executive Business Plan and the Medium Term Financial Plan (MTFP) for 2023/24 onwards.  The purpose of the MTFP was to set a robust overall framework for the Council’s Financial Strategy and spending plans over the next five years in supporting delivery of the Council’s Corporate Plan.  The report outlined the revised financial plans within the financial analysis for changes in Government Funding, the economic environment, local engagement and Council priorities. The Plan reflected the revisions approved to previous estimates and covered the period up to 2027/28.

The Section 151 Officer advised that the report proposed a balance budget for 2023/24 without draw-down from general fund balances. Members were advised the final Local Government Finance Settlement was delivered in February 2023 and had included announcement of a further year’s New Home Bonus for 2023/24.  This additional funding would be allocated to the Growth Reserve and also a new Funding Guarantee Grant for one year. The re-setting of Business Rates and a wider review of Local Government funding were not now expected until 2025/26.  This delay provided the Authority additional time to consider savings which would likely be required from 2025/26 onwards.  The magnitude of these savings was currently unknown but Local Government Funding was expected to be reduced in the medium to longer term.

The Section 151 Officer drew Members’ attention to the change in referendum threshold for 2023/24 and 2024/25.  With Council now being allowed to increase Council tax by 3% or £5 (which ever was the greater) (previously 2 % or £5….).  As such the MTFP was predicated on a Council Tax rise of 2.99% for 2023/24 and 2024/25 before reverting back to 1.99% thereafter.  Members noted for 2023/24 this equated to an annual rise (for West Lindsey’s element) of £6.80p for a Band D property or the equivalent of 13p per week.

Members’ attention was drawn to the reserves section of the MTFP which included a recommendation to set up a new “Invest to Save” reserve.  It was envisaged this would provide initial investment in projects which would deliver savings in the medium to longer terms.  The report requested £500,000 be transferred into this new reserve from the general fund balance.

Finally, Members noted the numerous appendices which formed the MTFP including the fees and charges schedules, noting the new fee, added post consideration by the Policy Committees and published by supplement prior to the meeting.  Further appendices set out the Capital Programme, the Treasury Management Strategy, including Minimum Revenue Provision Policy, details of the Council tax charges raised by each parish and the Pay Policy and Human Resources Statement.

The Leader of the Council made the following speech in response: -

“As Leader of the Council I am pleased to present our Executive Business Plan and Medium Term Financial Plan, along with the Budget for 2023/24, all of which contribute to achieving our vision of making West Lindsey a great place to be where people, businesses and communities  ...  view the full minutes text for item 140