Issue - meetings

Revenue Budget Report 2023-24

Meeting: 02/02/2023 - Cabinet (Item 17)

17 Revenue Budget Report 2023-24 pdf icon PDF 1 MB

Decision:

RESOLVED to recommend to Council that it:

 

1)   Notes the details of the Autumns Statement 2022 and Provisional Local Government Finance Settlement as outlined in sections 4.3 and 4.4 of the report;

 

2)   Notes the Government’s expectations about Council Tax levels for 2023-24 as outlined in section 4.5 of the report;

 

3)   Approves the precepts as outlined in section 4.5 and Appendix four of the report;

 

4)   Approves that billing authorities are informed of Council Tax levels arising from the budget proposals as outlined in section 4.5 and Appendix four of the report;

 

5)   Approves the contingency to cover non-standard inflation as outlined in section 4.7 of the report. The contingency to be allocated by the Interim Director of Finance and ICT, as Section 151 Officer, once non-standard inflation has been agreed;

 

6)   Approves the service pressure items identified in section 4.8 and Appendix five of the report;

 

7)   Approves the level and allocation of budget savings as outlined in section 4.9 and Appendix six of the report.  

 

8)   Notes the comments of the Interim Director of Finance and ICT, as Section 151 Officer about the robustness of the estimates and adequacy of the reserves as outlined in section 4.10 of the report;

 

9)   Notes the details of the Council’s consultation activity as outlined in section 5 of the report;

 

10)                Approves the Council Tax requirement of £387,461,515, calculated as follows:

 

£

Budget Before Pressures and Budget Reductions

641,217,881

Plus Service Pressures – ongoing

15,894,018

Plus Adult Social Care Precept

4,650,142

Plus Service Pressures - one-off

23,707,000

Less Budget Reductions

-16,190,000

Decrease in Risk Management Budget

5,349,198

Net Budget Requirement

674,628,239

Less Top-Up

-97,773,890

Less Business Rates

-15,365,000

Less Revenue Support Grant

-15,714,332

Less New Homes Bonus

-1,105,736

Less General Grant

-122,996,933

Less PFI Grant

-10,503,833

Less Use of Earmarked Reserves

-23,707,000

Balance to be met from Council Tax

387,461,515

 

11)     Approves the use of the Revenue Contributions to Capital Expenditure Earmarked Reserve to provide one off support to the 2023-24 Revenue Budget; and

 

12)     Authorises the Interim Director of Finance and ICT, as Section 151 Officer, to allocate cash limits amongst Cabinet portfolios; Executive Directors will then report to Cabinet on the revised Service Plans for 2023-24.

Minutes:

Councillor S Spencer introduced a report, which had been circulated in advance of the meeting, that made proposals to Full Council regarding the Revenue Budget and Council Tax for 2023-24.

 

RESOLVED to recommend to Council that it:

 

1)   Notes the details of the Autumns Statement 2022 and Provisional Local Government Finance Settlement as outlined in sections 4.3 and 4.4 of the report;

 

2)   Notes the Government’s expectations about Council Tax levels for 2023-24 as outlined in section 4.5 of the report;

 

3)   Approves the precepts as outlined in section 4.5 and Appendix four of the report;

 

4)   Approves that billing authorities are informed of Council Tax levels arising from the budget proposals as outlined in section 4.5 and Appendix four of the report;

 

5)   Approves the contingency to cover non-standard inflation as outlined in section 4.7 of the report. The contingency to be allocated by the Interim Director of Finance and ICT, as Section 151 Officer, once non-standard inflation has been agreed;

 

6)   Approves the service pressure items identified in section 4.8 and Appendix five of the report;

 

7)   Approves the level and allocation of budget savings as outlined in section 4.9 and Appendix six of the report.  

 

8)   Notes the comments of the Interim Director of Finance and ICT, as Section 151 Officer about the robustness of the estimates and adequacy of the reserves as outlined in section 4.10 of the report;

 

9)   Notes the details of the Council’s consultation activity as outlined in section 5 of the report;

 

10)                Approves the Council Tax requirement of £387,461,515, calculated as follows:

 

£

Budget Before Pressures and Budget Reductions

641,217,881

Plus Service Pressures – ongoing

15,894,018

Plus Adult Social Care Precept

4,650,142

Plus Service Pressures - one-off

23,707,000

Less Budget Reductions

-16,190,000

Decrease in Risk Management Budget

5,349,198

Net Budget Requirement

674,628,239

Less Top-Up

-97,773,890

Less Business Rates

-15,365,000

Less Revenue Support Grant

-15,714,332

Less New Homes Bonus

-1,105,736

Less General Grant

-122,996,933

Less PFI Grant

-10,503,833

Less Use of Earmarked Reserves

-23,707,000

Balance to be met from Council Tax

387,461,515

 

11)     Approves the use of the Revenue Contributions to Capital Expenditure Earmarked Reserve to provide one off support to the 2023-24 Revenue Budget; and

 

12)     Authorises the Interim Director of Finance and ICT, as Section 151 Officer, to allocate cash limits amongst Cabinet portfolios; Executive Directors will then report to Cabinet on the revised Service Plans for 2023-24.