The Head of Financial Services submitted a report to Cabinet on 7 February 2024, to present the outcome of the budget consultation and agree the Council’s Medium Term Financial Strategy for 2025-26 to 2027-28 and 2024-25 Budget for recommendation to Council.

The Cabinet decision is reported in the Cabinet minutes found here, and any further proposed amendments to the budget will be reported in the Briefing Note.

Councillor Ed Turner, Deputy Leader (Statutory) and Cabinet Member for Finance and Asset Management, will present the report and propose Cabinet’s recommendations.

Amendments to the budget proposed by opposition groups or individual councillors must be received by Democratic Services before 1.00 p.m. on Wednesday 14 February 2024 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:

1.    Note the approval by Cabinet on 24 January and subsequently agreed by the Council on 29 January of an increase of 7.7% (£9.27 per week) in social dwelling rents from 1 April 2024 giving a revised weekly average social rent of £129.72 as set out in Appendix 5 based on a HRA budget as set out in Appendix 4, together with the comments in paragraphs 35-40;

2.    Approve the 2024-25 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 £27.752 million for   2024/25 and an increase in the Band D Council Tax of 2.99% or £10.06 per annum representing a Band D Council Tax of £346.36 per annum; and

b)    the General Fund and Housing Revenue Account Capital Programme as shown in Appendix 6;

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

4.    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 paragraphs 16-18 of the report; and

5.    Note the changes to council tax charges in respect of second homes and properties empty for more than one year as referred to in paragraphs 19-22 from 1st April 2025 and 1st April 2024 respectively.

Council had before it and considered:

·       The report of the Head of Finance to Cabinet on 07 February 2024 setting out the outcome of the budget consultation and seeking agreement of the Council’s Budget for 2024/25 and the Medium Term Financial Strategy for 2025/26 to 2027/28.

·       The Labour Group’s submitted subsequent amendment published with the briefing note.

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

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

·       The Independent Group’s submitted amendments published with the briefing note.

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

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

·       The Green Group’s alternative budget post Labour Group amendment tabled at the meeting.

·       An individual amendment proposed by Cllr Mundy tabled at the meeting.

·       A subsequent individual amendment proposed by Cllr Mundy tabled at the meeting.

Cllr Turner, Cabinet Member for Finance and Asset Management, seconded by Cllr Brown, Leader of the Council and Cabinet Member for Inclusive Economy and Parterships, proposed agreement of the Budget and the Medium Term Strategy and the recommendations from Cabinet.  He also moved his amendment to the Budget, published at Item 9a of the agenda, which was seconded by Cllr Brown.