To seek Cabinet’s approval of:

·      the latest financial forecast / budget proposals and council tax amount for 2024/25 for recommending to Full Council; and

·      a delegation to the Portfolio Holder for Corporate Finance and Governance to agree the detailed budget proposals and formal draft resolutions / ‘technical’ appendices required for Full Council on 13 February 2024.

RESOLVED that Cabinet –

(a)    approves the updated financial forecast, as set out in Appendix A to item A.4 of the report of the Corporate Finance & Governance Portfolio Holder, along with the savings and cost pressures set out in Appendices B and C respectively that form the firm proposals for the 2024/25 budget and recommends to Full Council a Band D Council Tax for district services of £193.73 for 2024/25 (a £2.99% increase), along with the associated council tax requirement of £10.048m.

(b)    authorises the Portfolio Holder for Corporate Finance and Governance, to agree the ‘technical’ appendices and resolutions for the budget proposals for recommending to Full Council on 13 February 2024;

(c)    authorises the Chief Executive, in consultation with the Corporate Finance & Governance Portfolio Holder, to report directly to Council in respect of the formal resolutions necessary to implement the Executive’s budget proposals including any further amendments emerging from additional information becoming available and/or notifications received from the Government; and

(d)  authorises the Portfolio Holder for Corporate Finance and Governance, to agree / adopt a Retail, Hospitality and Leisure mandatory business rate relief scheme for 2024/25.

Cabinet considered a report of the Corporate Finance & Governance Portfolio Holder (A.4), which sought its approval of:

·      the latest financial forecast / budget proposals and council tax amount for 2024/25 for recommending to Full Council; and

·      a delegation to the Portfolio Holder for Corporate Finance and Governance to agree the detailed budget proposals and formal draft resolutions / ‘technical’ appendices required for Full Council on 13 February 2024.

It was reported that, since the Cabinet’s last meeting on 15 December 2023, additional changes had been required, primarily as a result of new or revised information becoming available which included the Government’s Financial Settlement announcements. The changes required had resulted in a reduced deficit for 2024/25 of £1.715m, a change of £0.960m compared to the £2.674m deficit presented to Cabinet in December. Appendix A to the Portfolio Holder’s report,along with comments set out later on in that report, provided further details across the various lines of the forecast, with the most significant change being the receipt of the revenue support grant and other associated funding from the Government.

The most up to date savings schedule and cost pressure summary were set out in Appendices B and C respectively to the Portfolio Holder’s report.

Cabinet was advised that in order to enable the detailed estimates along with the various resolutions / ‘technical’ appendices required for Full Council’s meeting in February 2024 to be finalised, a delegation to the Portfolio Holder for Corportae Finance and Governance had been included within the Portfolio Holder’s recommendations. A further delegation had also been included in order to enable a business rate relief policy, associated with the continuation of a mandatory Government relief scheme in 2024/25, to be finalised in advance of bills being printed and sent out before the start of the 2024/25 financial year.

Members were reminded that the budget position set out in the report would change as further adjustments were required as part of finalising the budget for presenting to Council on 13 February 2024, with a further delegation included in the Portfolio Holder’s recommendations to reflect this.

Cabinet was informed that, based on the final proposed budget for 2024/25, the Council Tax requirement was £10.048m,which was based on a 2.99% (£5.62) increase for this Council’s services, with an annual Band D council tax of £193.73.Those figures would remain unchanged and therefore would be reflected in the various budget resolutions / ‘technical’ appendices proposed to be delegated to the Portfolio Holder for Corporate Finance and Governance.

The Council’s annual budget and the district and parish elements of the council tax would be considered by Full Council on 13 February 2024 with approval of the ‘full’ council tax levy for the year being considered by the Human Resources and Council Tax Committee later on in February 2024.

Members were reminded that, as set out in earlier reports, despite the challenging financial and economic environment, confidence in the long term approach to the forecast remained, which was supported by the  ...  view the full minutes text for item 78