Decision Maker: Finance, Audit and Risk Committee
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
RECOMMENDED TO CABINET: That Cabinet:
(1) Note the latest funding forecasts for 2023/24 onwards and the significant uncertainty that still remains;
(2) Confirms that it is necessary to increase Council Tax by 3% (the maximum amount now allowed without a local referendum) as this is what will be assumed by Government in determining the Business Rates that the Council can retain;
(3) Confirms that the Council should be a part of the Business Rate pool in 2023/24, but delegated to the Service Director: Resources, in consultation with the Executive Member for Finance and IT, authority to withdraw from the pooling arrangement if there are significant changes that would make it likely that the Council would suffer a financial loss from pooling;
(4) Notes the comments made at the budget workshops, and comment on the inclusion of the revenue savings and investments in the budget to be brought back for consideration in January, for referral on to Council in February;
(5) Notes the comments made at the budget workshops, and comment on the inclusion of the capital investments in the Investment Strategy to be brought back for consideration in January, for feral on to Council in February.
REASON FOR DECISIONS: To ensure that all relevant factors are considered in arriving at a proposed budget, Investment Strategy and Council Tax level for 2023/24, to be considered by Full Council on 23 February 2022.
Report author: Ian Couper
Publication date: 08/12/2022
Date of decision: 07/12/2022
Decided at meeting: 07/12/2022 - Finance, Audit and Risk Committee