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Agenda item

Budget 2024/25 and Medium Term Financial Strategy

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.

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.

Supporting documents:

 

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