Agenda item

To approve: 1) The General Fund and Housing Revenue Account budgets for 2024/25 including the use of reserves, Medium Term Financial Strategy, Capital Programme and Strategy, and Fees and Charges for 2024/25; 2) Approval of Council Tax for recommendation to Full Council; and 3) the Annual Delivery Plan (report of the Deputy Chief Executive – Corporate Development (S151)).

Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which presented the General Fund and Housing Revenue Account budgets for 2024/25 including the use of reserves, Medium Term Financial Strategy, Capital Programme and Strategy, and Fees and Charges for 2024/25, and the Annual Delivery Plan.

The Portfolio Holder for Finance, Commercialisation, UKSPF and Levelling Up presented the report.

The following points were raised:

·       What was the Authority’s current situation with regard to the Authority’s VAT status?

·       Efficiency targets were reflected within Section 12 of Appendix 1 – were these figures exactly as they appeared within Table 16, and were they a figure for each year only, or were they cumulative?

The Leader thanked all involved in the production of the Budget for their work in bringing it together, and in the identification of savings.  Once the Budget was agreed, the priority would be to turn these proposals into reality and to monitor progress.

DECISION:

a)    That the minutes of the Joint Performance Monitoring Panel and Policy Development Panel held on 25 January 2024 (Appendix 8) be noted.

RECOMMENDATIONS TO COUNCIL:

b)    That Cabinet approve the following recommendations for onward referral to Full Council on 29 February 2024:

1)    That the Revenue Estimates for the General Fund, HRA and Spalding Special for 2024/25 (Appendices 1, 1a, 1b and 1c) be approved.

2)    That the Council Tax for a Band D property in 2024/25 be set at £201.42 (£6.03 per annum increase on 2023/24 levels).

3)    That the Spalding Special Expenses for a Band D property be set at £25.83 for 2024/25, (previously £25.47 in 2023/24).

4)    The additions to and use of reserves (as detailed at Appendix 1) be approved.

5)    The Medium Term Financial Strategy (at Appendix 1) be approved.

6)    The Draft Capital Programme and Capital Strategy (Appendices 1 and 2) be approved.

7)    The Fees and Charges Schedule 2024/25 (Appendix 4) be approved.

8)    That the uplift to the Real Living Wage (Appendix 1) be approved.

9)    That Cabinet re-affirms its previous decision in respect of long-term empty properties, detailed in Appendix 1, and makes a determination for the introduction of the premium for substantially furnished with no resident (second homes), to be introduced at the earliest point, 1 April 2025.

10) The Annual Delivery Plan for 2024/25 (Appendix 5) be approved.

11) That Cabinet notes the results of the Budget Consultation process at Appendix 6.

12) That the alignment of constitutional financial limits across the partnership (Appendix 7) be approved.

(Other options considered:

·       No other options were considered.

Reasons for decision:

·       To comply with the budgetary and policy framework and legislative requirements).