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Issue - meetings

Budget 2024/25 and Medium Term Financial Strategy

 

 

Meeting: 28/02/2024 - Council (Item 144)

144 Budget 2024/25 and Medium Term Financial Strategy pdf icon PDF 500 KB

Purpose

To provide the proposed budget for 2024/25, whilst also considering approval for:

1)    The draft base budgets for 2024/25

2)    The Council’s Capital Programme for 2024/25 to 2032/33

3)    The level of Council Tax for 2024/25

4)    The Medium Term Financial Strategy

5)    The Council’s Financial Strategies

6)    Fees and Charges

7)    The Council’s Pay Policy Statement

 

Recommendation

The Executive resolved to recommend the following to Council for approval:

  1. The General Fund revenue budgets as summarised in Annex B.
  2. The updated Medium Term Financial Strategy in Annex C.
  3. The Capital Programme for 2024/25 to 2032/33 as set out in Annex E.
  4. Fees and charges for 2024/25, as detailed in Annex J and K.
  5. The Council’s Pay Policy Statement as set out in Annex M.
  6. The Council’s Capital Strategy as set out in Annex N
  7. The Council’s Investment Strategy as set out in Annex O
  8. The Council’s Treasury Strategy as set out In Annex P

Additional documents:

Minutes:

Councillor Andy Graham, Leader of the Council, introduced the report, which provided the proposed Budget and Medium-Term Financial Strategy for the Municipal Year 2024-2025. The Executive had recommended to Council the approval of the Budget proposals by Council at their last meeting.

A copy of the Leader’s Speech is appended to the minutes of the meeting.

 

The Leader’s speech raised a point of clarity surrounding references made to ‘external funding’. This was confirmed by the Leader to have related to funding received by Council from both partnership working and funding received from Central Government.

 

Councillor Michele Mead, Leader of the Opposition, responded stating that the opposition could not support the budget proposals as a result of the details and forecasts provided and a predicted budget overspend. Councillor Mead referred to resident’s Council Tax being used to purchase a local shopping precinct, to contribute to the Publica transition programme, and on refurbishment & internal modernisation projects that were not necessary. Councillor Mead also highlighted that the administration was not committed to partnership working, and had previously dodged scrutiny by the Council for a recent of a new waste collection vehicle fleet.

 

Councillor Mead further highlighted that the residents of West Oxfordshire were set to pick up the bill for the spent money by an increase in Council Tax and an increase to the Garden Waste License, and that these increases would squeeze the budget of low-income households within the district.

 

Councillor Mead summed up stating that the administration had not learnt lessons from last year’s budget, and the same lines from twelve months ago were being repeated. Councillor Mead stated that the residents of West Oxfordshire deserved better.

 

In the wider budget debate, Members of the Executive thanked the Leader for their budget speech and said that they would support the budget. Executive Members individually stated that the Budget would provide great help and assistance to their individual portfolios, and would better support employment, the community, residents and the wider district more generally.

 

Executive Members stated that the proposed budget and projects completed within their own portfolio areas were brought as a result of the legacy of the Covid-19 pandemic and the ongoing Cost of Living crisis.

Executive Members highlighted that the priorities and ambitions of the Council would be met because of the budget proposals, and individually thanked Officers from across the Council for their continued hard work.

 

Members referred to predicted budget overspends in the current and next financial years. Several Members alluded to the opposition not proposing budget amendments or any alternative budget proposals. Members also highlighted their surprise to not see any alternatives offered, adding that there was only one option to vote upon.

Members also made references to the responses received from the Council’s budget consultation, stating that there were anomalies in the ‘scoring’ within responses submitted by residents, and that the anomalies helped to unbalance the budget overall.

 

Members stated that the opposition were looking to score political points by making references to ‘Pet Projects’ undertaken  ...  view the full minutes text for item 144

Meeting: 14/02/2024 - Executive (Item 151)

151 Budget 2024/25 and Medium Term Financial Strategy pdf icon PDF 502 KB

Purpose:

To provide an update on the budget for 2024/25, following the government funding settlements of 18 December 2023 and 24 January 2024, and to consider:

1)    The draft base budgets for 2024/25;

2)    The Council’s Capital Programme for 2024/25 to 2032/33;

3)    The level of Council Tax for 2024/25;

4)    The Medium Term Financial Strategy;

5)    The responses from the statutory budget consultation.

 

Recommendations:

That the Executive Resolves to:

1)    Note the Parish Precepts and Tax Levels set out in Annex I;

 

And Resolves to Recommend to Council to:

2)    Approve the General Fund revenue budgets as summarised in Annex B;

3)    Approve the updated Medium Term Financial Strategy in Annex C;

4)    Approve the Capital Programme for 2024/25 to 2032/33 as set out in Annex E;

5)    Approve the Fees and charges for 2024/25, as detailed in Annex J and K;

6)    Approve the Council’s Pay Policy Statement as set out in Annex M;

7)      Approve the level of District Council Tax for 2024/25 for a Band D property of £124.38 as shown in Annexes F-H.

Additional documents:

Minutes:

Councillor Alaric Smith, Executive Member for Finance, introduced the report, which provided a detailed update on the budget for 2024/25, following the government funding settlements of 18 December 2023 and 24 January 2024.

 

The report also provided updates to and considered the draft base budgets for 2024/25, the Council’s Capital Programme for 2024/25 to 2032/33, the level of Council Tax for 2024/25, the Medium-Term Financial Strategy, and the responses from the statutory budget consultation.

 

The Executive Member for Finance provided an overview of the budget pressures facing the Council, the assumptions that had been made, and the expected funding changes over the medium term. The budget was balanced but based on current projections of funding and expenditure the Council’s reserves were expected to be significantly reduced over the medium term.

 

The Executive Member thanked the work of the Council’s Finance Team, led by the Director of Finance, for their continued hard work throughout the wider budget setting process.

 

Councillor Alaric Smith proposed that the Executive agree to the recommendations as listed on the report. This was seconded by Councillor Andy Graham, was put to a vote, and was unanimously agreed by the Executive.

 

The Executive Resolved to:

  1. Note the Parish Precepts and Tax Levels set out in Annex I;

 

And Resolved to Recommend to Council to:

  1. Approve the General Fund revenue budgets as summarised in Annex B;
  2. Approve the updated Medium Term Financial Strategy in Annex C;
  3. Approve the Capital Programme for 2024/25 to 2032/33 as set out in Annex E;
  4. Approve the Fees and charges for 2024/25, as detailed in Annex J and K;
  5. Approve the Council’s Pay Policy Statement as set out in Annex M;
  6. Approve the level of District Council Tax for 2024/25 for a Band D property of £124.38 as shown in Annexes F-H.

 

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