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.
PDF 990 KB