Agenda item

REVENUE BUDGET, CAPITAL PROGRAMME AND COUNCIL TAX LEVEL

To consider Report No. FIN2304 (copy attached), which makes recommendations on the budget, Council Tax Requirement and proposals for budget savings for 2023/24, for submission to the Council on 23rd February, 2023.

Presented By:Cllr Paul Taylor, Corporate Services Portfolio Holder

Minutes:

The Cabinet considered Report No. FIN2304, which made recommendations on the budget, Council Tax requirement and proposals for budget savings for 2023/24.

 

The Cabinet was reminded that the budget framework had been approved at its meeting on 15th November, 2022. Members were advised that the Report had been prepared on the basis that there would be no change to the provisional local government finance settlement figure, which was due to be confirmed soon. The Medium Term Financial Strategy continued to provide a risk-based General Fund balance of £2 million being the minimum expected level for total working balances. The Cabinet was advised that, despite the uncertainties around levels of Government funding and the risks around inflation, increasing fuel costs and increasing staff costs, the Council had been able to prepare a balanced budget for 2023/24 and 2024/25, as demonstrated by the Medium Term Financial Strategy. It was confirmed that the budget would also provide a platform for the Council to address future challenges. It was noted, however, that there was a significant and increasing funding gap from 2025/26 onwards.

 

The Capital Programme of £44.6 million for the period 2023/24 to 2026/27 was set out in Appendix 3 of the Report. It was explained that the Capital Programme was focussed on delivering against the Council’s key priority of town centre regeneration, with further schemes aimed at enhancing the delivery of core services through improvement and enhancement of assets. The Cabinet was informed that changes were needed to the Capital Programme figures provided in respect of the Council’s play areas. The amended figures had been provided to the Cabinet in the form of an Addendum to the Report and would be reflected in the report that would be considered by the Council. The main areas where the Council would be facing increased levels of risk and uncertainty over the medium term were set out in Section 8 of the Report. In discussing the details of the Report, Members expressed their gratitude for the hard work of the finance team.

 

The Cabinet

 

(i)           RECOMMENDED TO THE COUNCIL that approval be given to:

 

(a)          the Medium Term Financial Strategy, as set out in Appendix 1 of Report No. FIN2304;

 

(b)          the Savings and Transformation items for inclusion in the budget, as set out in Appendix 2 of the Report, with the exception of the charge for the replacement of recycling bins (£7,400), the proposed saving in relation to Ward Grants being reduced by £13,000, with a revised arrangement for allocation to be finalised and the removal of the Special Responsibility Allowances payable to the Vice-Chairman positions of the Overview and Scrutiny Committee and the Policy and Project Advisory Board;

 

(c)          the Council Tax requirement of £7,448,100 for this Council;

 

(d)          the Council Tax level for Rushmoor Borough Council's purposes of £225.98 for a Band D property in 2023/24;

 

(e)          the Capital Programme, as set out in Appendix 3 of the Report and amended at the meeting in line with the published Addendum to the Report;

 

(f)           the Strategy for the Flexible Use of Capital Receipts, as set out in Appendix 4 of the Report;

 

(g)          the balances and reserves position, including proposed reserve transfers for 2023/24, as set out in Section 5 of the Report; and

 

(ii)       RESOLVED that the Council’s Section 151 Officer, in consultation with the Leader of the Council and the Corporate Services Portfolio Holder, be authorised to make any necessary changes to the General Fund Summary arising from the final confirmation of the Local Government Finance Settlement, the Business Rates Retention Scheme estimates and any other final amendments.

Supporting documents: