Issue - meetings

This report provides an update on the preparation of the budget for 2023/24.  The report seeks any final guidance from the Panel prior to the preparation of the Budget and Council Tax report for the Council on 14 February 2023.

The following matters were debated by Councillors:

·                     That income generation and ‘invest to save’ opportunities can be pump-primed using reserves based on a costed business case.

·                     Funding in the government settlement for 2024/25 is currently expected to be broadly stable. After the next general election forecasting is more challenging.

·                     The deliverability of the Homelessness saving is considered medium to high risk as it is a statutory service and demand is, in part, outside the control of the Council. Officers continue to monitor the service regularly and are progressing initiatives to control costs. Some homelessness prevention grant is held in reserve to support the service to ensure continuity of provision.

·                     The use of reserves to fund the revenue budget for 2023/24.

·                     The proposed level of Council Tax for 2023/24.

·                     The proposed revenue contribution to capital and that when the IT Strategy is presented to members, this may form a source of funding.

·                     Inflationary pressures and provision within the budget to manage these.

·                     That members wish officers to review the capital programme setting process and role of Capital Member Group for 2024/25, and the budget setting framework.

Following consideration of the above matters and the report’s contents, the Panel moved to consider the report recommendations, which were agreed as follows:

(1)          Provide the Chief Finance Officer with any further guidance needed to finalise the 2023/24 Budget and Council Tax report;

(2)          Note the provisional Government financial settlement for 2023/24;

(3)          Support that the budget gap for 2023/24 should be funded from the Corporate Projects Reserve as set-out in Section 9 of the report;

(4)          Support that the deficit on 2022/23 business rates income and ang change in projected business rates income for 2023/24 will be offset by a transfer to or from the Collection Fund Equalisation Reserve, as set-out in Section 11 of the report;

(5)          Support a recommendation to Council of a council tax increase of 3 percent (£6.39 for a Band D equivalent property);

(6)          Note the updated four-year Financial Plan and Efficiency Plan.

* recommendations 1-4 and 6 were unanimous; recommendation 5 had 6 votes for and 1 vote against.