Decision details

RESOLVED: That the Finance, Audit and Risk Committee provided comments on and recommended the Revenue Budget 2024/25 to Cabinet.

RECOMMENDATIONS TO CABINET:

(1)   That Cabinet approves the decrease in the 2023/24 working budget of £301k, as detailed in table 7.

That Cabinet recommends to Council that it:

(2)   Notes the position on the Collection Fund and how it will be funded.

(3)   Notes the position relating to the General Fund balance and that due to the risks identified a minimum balance of £2.48 million is recommended.

(4)   Notes the net revenue savings that are likely to be required in future years, combined with the Chief Finance Officer’s section 25 report (Appendix D) which provides a commentary on the risks and reliability of estimates contained in the budget.

(5)   Approves the revenue savings and investments as detailed in Appendix B.

(6)   Approves a net expenditure budget of £20.265m, as detailed in Appendix C.

(7)   Approves a Council Tax increase of 2.99%, which is in line with the provisions in the Medium Term Financial Strategy.

REASON FOR RECOMMENDATIONS: To ensure that all relevant factors are considered in arriving at a budget and Council Tax level for 2024/25. To ensure that the budget is aligned to Council priorities for 2024/25 as set out in the Council Plan.