Agenda item

To enable Cabinet to:

·      consider the updated financial forecast, including budget changes in 2022/23 and budget proposals for 2023/24;

·      agree the latest financial forecast / budget proposals and council tax amount for 2023/24 for recommending to Full Council; and

·      approve delegations 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 14 February 2023.

RESOLVED that Cabinet –

a)     approves the updated Financial Forecast including a revised position for 2022/23 and proposed position for 2023/24, as set out in the Portfolio Holder’s report and Appendices (A.4) and recommends to Full Council a Band D Council Tax for district services of £188.11 for 2023/24 (a £5.47 increase), along with the associated council tax requirement of £9.603m;

b)     agrees a delegation to 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 14 February 2023;

(c)  approves that, in consultation with the Leader of the Council and the Corporate Finance and Governance Portfolio Holder, the Chief Executive reports directly to Council in respect of the formal resolutions necessary to implement the Executive’s budget proposals along with any late information or notifications received from the Government;

(d) approves a delegation to the Portfolio Holder for Corporate Finance and Governance to agree / adopt a Retail, Hospitality and Leisure mandatory business rate relief scheme for 2023/24;

(e) approves a delegation to the Portfolio Holder for Corporate Finance and Governance to agree any associated expenditure from the £250,000 Climate Change budget set out in Appendix A to his report;

(f)  approves / adopts the proposed Council Tax Support Fund Scheme as set out within the Portfolio Holder’s report (A.4) and that any remaining balance be transferred to the existing Council Tax Hardship scheme; and

(g)   agrees a delegation to the Portfolio Holder for Corporate Finance and Governance to approve the draft Treasury Strategy 2023/24 for consultation with the Resources and Services Overview and Scrutiny Committee.

Cabinet considered a report of the Corporate Finance & Governance Portfolio Holder (A.4) which:-

·      set out the updated financial forecast, including budget changes in 2022/23 and budget proposals for 2023/24;

·      sought its agreement for the latest financial forecast / budget proposals and council tax amount for 2023/24 to be submitted to Full Council; and

·      sought delegations 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 14 February 2023.

It was reported that since the Cabinet’s meeting held on 16 December 2022, 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 2023/24 of £2.487m, a change of £0.946m compared to the £3.433m deficit presented to Cabinet in December.

Appendices A and Bto the Portfolio Holder’s 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.

Given the impact of the various changes to the forecast across the remaining forecast period, it was proposed by the Portfolio Holder to transfer the remaining balance of funding of £1,643,290 as set out within Appendix A to the Forecast Risk Fund. This was required to support the forecast across 2024/25 to 2026/27 based on the updated estimated position set out in Appendix B.

Cabinet was informed that in order to enable the detailed estimates along with the various resolutions / ‘technical’ appendices required for Full Council on 14 February 2023 to be finalised, a delegation to the Portfolio Holder for Corporate Finance and Governance was required. A further delegation was also required to enable a business rate relief policy, associated with a 2023/24 mandatory Government relief scheme, to be finalised in advance of bills being printed and sent out before the start of the next financial year.

This report also set out a proposed Council Tax Support Fund Scheme, which reflected the associated Government guidance.

Members were made aware that the recommendations also included a delegation to the Corporate Finance and Governance Portfolio Holder to agree expenditure to support climate change initiatives, following an associated adjustment to the budget for 2022/23 set out within Appendix A.

It was likely that the budget position set out in this report would change, as further adjustments would be required as part of finalising the budget for presenting to Council on 14 February 2023, with a further delegation included in the report’s recommendations to reflect this.

Cabinet was informed that, based on the final proposed budget for 2023/24, the Council Tax requirement was £9.603m, which was based on a 3% (£5.47) increase for this Council’s services, with a Band D council tax of £188.11. 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.

Similarly to last year, the approval of the associated Treasury Strategy for 2023/24 for consultation with the Resources and Services Overview and Scrutiny Committee was recommended to be delegated to the Portfolio Holder for Corporate Finance and Governance.

Having considered the latest financial position for the Council and in order to respond to the emerging issues in 2022/23 and to develop the budget and long term forecast along with final budget proposals for 2023/24 for recommending to Full Council on 14 February 2023:-

It was moved by Councillor Stock OBE, seconded by Councillor Bray and:-

RESOLVED that Cabinet –

a)     approves the updated Financial Forecast including a revised position for 2022/23 and proposed position for 2023/24, as set out in the Portfolio Holder’s report and Appendices (A.4) and recommends to Full Council a Band D Council Tax for district services of £188.11 for 2023/24 (a £5.47 increase), along with the associated council tax requirement of £9.603m;

b)     agrees a delegation to 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 14 February 2023;

(c)  approves that, in consultation with the Leader of the Council and the Corporate Finance and Governance Portfolio Holder, the Chief Executive reports directly to Council in respect of the formal resolutions necessary to implement the Executive’s budget proposals along with any late information or notifications received from the Government;

(d) approves a delegation to the Portfolio Holder for Corporate Finance and Governance to agree / adopt a Retail, Hospitality and Leisure mandatory business rate relief scheme for 2023/24;

(e) approves a delegation to the Portfolio Holder for Corporate Finance and Governance to agree any associated expenditure from the £250,000 Climate Change budget set out in Appendix A to his report;

(f)  approves / adopts the proposed Council Tax Support Fund Scheme as set out within the Portfolio Holder’s report (A.4) and that any remaining balance be transferred to the existing Council Tax Hardship scheme; and

(g)   agrees a delegation to the Portfolio Holder for Corporate Finance and Governance to approve the draft Treasury Strategy 2023/24 for consultation with the Resources and Services Overview and Scrutiny Committee.