The Head of Financial Services submitted a report to Cabinet on 08 February 2023, to present the outcome of the budget consultation and agree the Council’s Medium Term Financial Strategy for 2024-25 to 2026-27 and 2023-24 Budget.

The Cabinet decisions and any further proposed amendments to the budget will be reported in the Briefing Note.

Cllr Turner, Cabinet Member for Finance and Asset Management, will present the report and propose the Cabinet’s recommendations.

Amendments to the budget proposed by opposition groups or individual councillors must be received by Democratic Services before 1.00 pm on Wednesday 15 February 2023 and will be published in the Briefing Note.

The procedure for this item is set out in Part 11.4 of the Council’s Constitution.

A recorded vote must be taken when voting to agree the final budget and medium term strategy.

Council is recommended to:

a.    consider Cabinet’s recommendations to Council, including the budget published as part of the agenda for this meeting along with any amendments resulting from the Cabinet meeting of 08 February 2023;

b.    consider the substantive amendments proposed by the opposition groups; and published with the briefing note;

c.    consider any individual amendments; and

d.    agree the recommendations from the Cabinet as presented to Council, or with further amendments as decided by Council.

Recommendations: Cabinet recommends subject to decisions taken at the Cabinet meeting on 08 February 2023, that Council resolves 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 £24.793 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 £51.572 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)    shared ownership dwellings are increased in line with those of other social rents as discussed in paragraph 39

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 Cabinet Member for 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 paragraphs 20-22 of the report.

4)    Approve the payment into the County Council Pension Fund of £5 million in 2023-24 as referred to in paragraph 28 of the report

5)    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.

6)    Note the application of the Council Tax Support Fund allocation as referred to in paragraph 11-14 of the report.

Council had before it and considered:

·       The report of the Head of Finance to Cabinet on 08 February 2023 setting out the outcome of the budget consultation and seeking agreement of the Council’s Budget for 2023/24 and the Medium Term Financial Strategy for 2024/25 to 2026/27.

·       The Liberal Democrat group’s submitted amendments published with the briefing note.

·       The Green group’s submitted amendments published with the briefing note.

·       An individual amendment proposed by Cllr Pegg published with the briefing note.

Cllr Turner, seconded by Cllr Munkonge, proposed agreement of the Budget and the Medium Term Financial Strategy and the recommendations from Cabinet.