Issue - meetings

RESOLVED:

(1)   That Cabinet noted this report.

(2)   That Cabinet approved the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a £1.119million decrease in net expenditure.

(3)   That Cabinet noted the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a total £270k increase in net expenditure. These will be incorporated in the draft revenue budget for 2024/25.

(4)   That Cabinet delegated to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter into a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

Audio recording – 1:13:48

The Chair invited Councillor Sean Nolan, as Chair of the Finance, Audit and Risk Committee, to present the referral on this item. Councillor Nolan advised that:

·       Questions were asked about the employee pay award which was still outstanding, and it was confirmed that the 4% rise was an average across the board but would depend on staff base pay amount.

·       The money allocated for the Baldock Fire Recovery was only for base costs to the Council and did not cover Officer time.

·       The Leisure Management Free was getting back to pre-Covid levels, however it was difficult to forecast at this stage.

Councillor Ian Albert, as Executive Member for Finance and IT, presented the report entitled ‘First Quarter Revenue Budget Monitoring 2023/24’ and advised that:

·       The main movements were details in table 3 of the report, with the biggest being the investment income, though it was expected that interest would eventually return to normal levels.

·       The larger changes were regarding the pay award, the release of the Covid-19 provision and the overestimation of inflation on the waste budget.

The Service Director – Resources advised that:

·       The Council had previously been involved in Business Rate Pooling in 2022/23, however this was deemed too risky last year.

·       For 2024/25 the Council had been invited by DLUHC to form a pool.

·       Work had been commission with Herts County Council and other district councils to see what would be in the best interests. The pool would always include County with potential for 3 to 5 districts to join.

·       The early indication was that a pool would be beneficial and North Herts could be part of this.

·       Pooling would give the Council the chance to reduce Business Rate payments to the government and retain this in the local district and county.

Councillor Ian Albert proposed and Councillor Alistair Willoughby seconded and, following a vote, it was:

RESOLVED:

(1)   That Cabinet noted this report.

(2)   That Cabinet approved the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a £1.119million decrease in net expenditure.

(3)   That Cabinet noted the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a total £270k increase in net expenditure. These will be incorporated in the draft revenue budget for 2024/25.

(4)   That Cabinet delegated to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter into a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.