Agenda item

The Executive Member for Finance and Governance, Councillor Vicky McGurk, on behalf of the Labour Group, presented proposals on the General

Revenue Budget 2024/25 (including an update on the Financial Strategy 2022/25).

The report set out the proposed General Fund Revenue Budget for 2024/25. A report elsewhere on the Agenda for the meeting provided details of the proposed Capital Programme for 2024/25.

The report set out details of the Autumn Statement, the Local Government Finance Policy Statement and information on the Local Government Finance Settlement, details of which were confirmed by the Secretary of State for the Department of Levelling Up, Housing and Communities (DLUHC) on 5th February 2024.

The report gave extensive information on the challenging national economic backdrop and the cost pressures faced, and the Council’s budget approach, and whilst the proposed budget for 2024/25 was balanced, there remained a budget gap of c£13.2m to 2026/27, and details were provided of the measures to deal with the budget gap.

In accordance with the Local Government (Standing Orders) (England) (Amendment) Regulations 2014, which came into force on 25th February 2014, the Council was required to record in the minutes of a budget decision meeting the names of persons who cast a vote for or against the decision or who abstained from voting.

The report contained the following recommendations, which were voted on in conjunction with the recommendations in the Capital Programme report, following debate on both items.

RESOLVED –

Finance Council is recommended to:-

a) Note the requirement for the Council to produce a Productivity Plan for publication on the Council’s website by July 2024;

b) acknowledge the impact of the increase in the Real/National Living Wage as set out below and note that a report on the impact of this on the hourly rates and contract changes for Social Care Providers for 2024/25 will be submitted to the Executive Board in due course;

c) approve the use of the High Needs Dedicated Schools Grant (DSG) Funding block in 2024/25 as set out at Appendix B;

d) approve the service investment proposals as set out in the report;

e) approve the savings proposals as set out at Appendix C;

f) note the estimated balance of reserves as at 31st March 2025 as shown at Appendix D;

g) approve the General Fund Budget Requirement for 2024/25 as set out at Appendix E to this report;

h) require each Portfolio to operate within the individual Portfolio Controllable Budgets for 2024/25 as set out at Appendix E and that these be cash limited and subject to regular monitoring and control;

i) approve an increase in the general Council Tax of 2.99% (reflecting a weekly increase of £1.02p for Band D Council Tax payers and of £0.68p for Band A Council Tax payers);

j) approve an additional increase in Council Tax of 2.00% to contribute towards the additional costs of Adult Social Care;

k) note the update to the Financial Strategy and Medium Term Financial Plan for 2022/25 as set out Appendix G and note that a further report on the implementation of the Strategy will be submitted to the Executive Board in June 2024.