Agenda item

Members considered a report regarding the Executive Business Plan 2024/25 to 2026/27, the Medium-Term Financial Plan 2024/24 to 2028/29, the 2024/25 budget as well as the capital programme 2024/25 to 2028/29.

It was explained that the report presented a balanced budget for 2024/25, without the requirement to support it with funds from the General Fund Balance. It addressed the financial implications arising from the recommended revisions to the MTFP and the requirement to determine the Council Tax for 2024/25 taking into account the approved Tax Base 32,093.99 and Council Tax Surplus £0.290m.

The Provisional Settlement local government finance settlement was announced on 18 December 2023 and had been incorporated into the report. Allocations were made for 2024/25 only, therefore it was not clear whether these grant streams would continue after 2024/25.

It was also explained that the 2024/25 Draft Budget totalled £18.415m, was fully funded and was a balanced budget. Contributions to Earmarked Reserves totalled £1.708m and Use of Earmarked Reserves totalled £0.617m, these excluded capital reserve movements. The movement on the General Fund Balance was a reduction of £0.053m and was forecast to be £2.499m at the end of 2024/25; and the Capital Programme totalled £27.661m over the Medium-Term Financial Plan and was fully funded.

Members again thanked Officers for the clarity of information and clear risk management approach. The economic uncertainties facing many local authorities were highlighted and recognised, with Members appreciating that there could be further difficulties faced in the future.

Having been proposed and seconded, and with no further requests to speak, the Chairman took the vote and it was unanimously

RESOLVED that

a)    the approval of the Executive Business Plan and Medium-Term Financial Plan 2024/25 – 2028/29 be recommended to Council; and

b)    the review of Reserves and the proposed use and contributions to both the General Fund Balance and Earmarked Reserves as detailed at 2.8 within the Medium-Term Financial Plan be approved; and

c)    a balanced Revenue Budget for 2024/25 (Appendix A) be considered and recommended to Council; and

d)    the Capital Programme 2024/25 – 2028/29 (Appendix 4) be considered and recommended to Council; and

e)    the Statement of the Chief Finance Officer on the Robustness of Estimates and Adequacy of Reserves be accepted; and

f)     the Pay Policy Statement (Appendix 6) be considered and recommended to Council; and

g)    any housekeeping or changes required to this Draft Executive Business Plan and Medium-Term Financial Plan, due to the final financial settlement and any approvals elsewhere on this agenda, be delegated to the Director of Corporate Services (Section 151 Officer) in consultation with the Chairman of this Committee prior to the final consideration by Council on 4 March 2024.