The Head of Financial Services has submitted a report to propose a Medium Term Financial Strategy and the 2023/24 Budget for consultation.

Cabinet is recommended to:

1.     Approve the 2023-24 General Fund and Housing Revenue Account budgets for consultation and the General Fund and Housing Revenue Account Medium Term Financial Strategy as set out in  Appendices 1-9, noting:

a)      the Council’s General Fund Budget Requirement of £23.433 million for   2023/24 and an increase in the Band D Council Tax of 2.99% or £9.76 per annum representing a Band D Council Tax of £336.31 per annum;

b)      the Housing Revenue Account budget for 2023/24 of £51.577 million and an increase of 7% (£7.51 per week) in social dwelling rents from 1 April 2023 giving a revised weekly average social rent of £114.73 as set out in Appendix 5;

c)      the increase in shared ownership rental in accordance with the lease as shown in paragraph 88 and the discretion used by the Head of Housing in setting the initial rent for the unsold share of 2% and giving delegated approval to the Head of Housing to set this for future shared ownership rents up to 2.75%;

d)      the General Fund and Housing Revenue Account Capital Programme as shown in Appendix 6.

2.      Agree the fees and charges shown in Appendix 7;

3.      Delegate to the Section 151 Officer in consultation with the Deputy Leader (Statutory) - Finance and Asset Management the decision to determine whether it is financially advantageous for the Council to enter into a Business Rates Distribution Agreement as referred to in paragraph 22 of the report;

4.      Approve the payment into the County Council Pension Fund of £5 million in 2023-24 as referred to in paragraph 32 of the report; and

5.      Agree to implement the changes to Council Tax charges in respect of second homes and properties empty for more than one year as referred to in paragraphs 23-25 from 1^st April 2024 when the Levelling Up and Regeneration Bill is enacted.

Please note that this report and appendices have been published as a separate supplement.

The Head of Financial Services had submitted a report to propose a Medium Term Financial Strategy and the 2023/24 Budget for consultation.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, referred to a report to Cabinet on 13 July 2022 which had set out the budget setting strategy and a number of challenges to the Council’s financial position in the medium term.  He commended officers for their work in achieving a four year balanced budget which sought to safeguard front line services and enable the Council to continue to deliver its priorities.  Whilst some increases to charges were proposed, a full Council Tax reduction scheme would remain and there would continue to be significant investment in areas such as affordable housing; community centres; grants; youth ambition; climate change work and advice work.  A change to Council Tax charges in respect of second homes and properties empty for more than one year was also proposed, subject to the enactment of Government legislation.

The Local Government finance settlement was expected in the following week, and a cautious approach had been used in relation to the expected level of the settlement.

It was noted that reserves and contingencies remained at a significantly lower level than had been the case prior to the Covid pandemic.

Cabinet resolved to:

1.     Approve the 2023-24 General Fund and Housing Revenue Account budgets for consultation and the General Fund and Housing Revenue Account Medium Term Financial Strategy as set out in  Appendices 1-9, noting:

a)      the Council’s General Fund Budget Requirement of £23.433 million for   2023/24 and an increase in the Band D Council Tax of 2.99% or £9.76 per annum representing a Band D Council Tax of £336.31 per annum;

b)      the Housing Revenue Account budget for 2023/24 of £51.577 million and an increase of 7% (£7.51 per week) in social dwelling rents from 1 April 2023 giving a revised weekly average social rent of £114.73 as set out in Appendix 5;

c)      the increase in shared ownership rental in accordance with the lease as shown in paragraph 88 and the discretion used by the Head of Housing in setting the initial rent for the unsold share of 2% and giving delegated approval to the Head of Housing to set this for future shared ownership rents up to 2.75%;

d)      the General Fund and Housing Revenue Account Capital Programme as shown in Appendix 6.

2.      Agree the fees and charges shown in Appendix 7;

3.      Delegate to the Section 151 Officer in consultation with the Deputy Leader (Statutory) - Finance and Asset Management the decision to determine whether it is financially advantageous for the Council to enter into a Business Rates Distribution Agreement as referred to in paragraph 22 of the report;

4.      Approve the payment into the County Council Pension Fund of £5 million in 2023-24 as referred to in paragraph 32 of the report; and

5.      Agree to implement the changes to Council Tax charges in respect of second homes and properties empty  ...  view the full minutes text for item 105