Issue - meetings

This report provides an update on the preparation of the budget for 2024/25.  The report seeks any final guidance from the Group prior to the preparation of the Budget and Council Tax report for the Council on 14 February 2023. The report also seeks final guidance on the Medium-Term Financial Plan for 2024-2028.

The Advisory Group received a report providing an update on the preparation of the budget for 2024/25.  The report sought final guidance from the Group prior to the preparation of the Budget and Council Tax report for the Council on 14 February 2023. The report also sought final guidance on the Medium-Term Financial Plan for 2024-2028.

The following matters were debated by Councillors:

·                That the funding is based on the provisional government settlement and any additional grant will reduce the drawdown from the Corporate Projects reserve to reduce the deficit, currently standing at £624k for 2024/25.

·                That the fair funding review continues to be delayed but, if implemented, it would be expected to have an adverse impact for the Council so a prudent approach must be taken.

·                Council Tax property bandings and that review of these can be initiated by the homeowner.

Following consideration, the Group agreed to:

(1)  Provide the Head of Finance with any further feedback needed to finalise the 2024/25 Budget and Council Tax report;

(2)  Note the provisional Government financial settlement for 2024/25;

(3)  Support that the budget gap for 2024/25 should be funded from the Corporate Projects Reserve, as set-out in Section 6 of the report;

(4)  Support that any surplus/deficit on 2023/24 business rates income, and any change in projected business rates income for 2024/25, will be offset by a transfer to or from the Collection Fund Equalisation Reserve, as set-out in Section 4 of the report;

(5)  Support a recommendation to Council of a council tax increase of 2.99% (£6.57 for a Band D equivalent property);

(6)  Confirm support for the Medium-Term Financial Plan 2024-28, which includes the Medium-Term Financial Strategy.