Decision details

To present the 5 year financial strategy, 2023/24 budgets for GF, HRA and Capital plus all associated Strategies.

RESOLVED to recommend the following Medium Term Financial Strategy and Budget Proposals to Council for adoption:

i.              review and have regard to the Section 25 report when considering the budgets for 2023/24;

ii.             review the risk assessment relating to the robustness of estimates as set out at paragraph 9 of the Section 25 report;

iii.            recommend to Council that the working balances for 2023/24 be set at £1.782 million for the General Fund and £581,000 for the Housing Revenue Account;

iv.           recommend to Council the approval of the Commercial Strategy 2023-28;

v.             review the key risks and assumptions set out at paragraph 29 of the Medium Term Financial Strategy 2023-2028;

vi.           recommend to Council the approval of the Medium Term Financial Strategy 2023-2028;

vii.          recommend to Council the approval of the changes to investment counterparty limits set out at paragraphs 52-54 of the Treasury Management Strategy, to apply with immediate effect;

viii.         recommend to Council the setting of the treasury management prudential indicators as set out at paragraphs 66-74 of the Treasury Management Strategy 2023/24;

ix.           recommend to Council the approval of the Treasury Management Strategy 2023/24;

x.             recommend to Council the setting of the capital prudential indicators as summarised at Annexe E2;

xi.           recommend to Council the approval of the Minimum Revenue Provision Statement 2023/24 as set out at Annexe E1;

xii.          recommend to Council the approval of the Capital Strategy 2023/24;

xiii.         recommend to Council the approval of the Capital Programme 2023/24 - 2027/28, including the planned application of capital financing set out at Annexe F4;

xiv.         recommend to Council the approval of increases in HRA rents as follows:- - General needs and supported accommodation

– a 7% increase for existing tenants in accordance with the cap set by government, with formula rents to increase by the maximum permitted amount of 11.1% (to be applied only when properties are relet).

 - Temporary accommodation – rents to be increased in line with formula rents as in previous years (11.1%).

 - Garage rents – to be increased in line with September 2022 CPI (10.1%).

xv.          recommend to Council the approval of increases in HRA support and service charges as set out at paragraphs 21-27 of the Housing Revenue Account budget report;

xvi.         recommend to Council approval of the Housing Revenue Account Budget 2023/24

xvii.        recommend to Council the approval of the Council Tax Requirement for 2023/24 of £6,694,027, equivalent to £171.61 for a band D property, representing a £5.00 increase on the 2022/23 amount;

xviii.       recommend to Council the approval of placing £195,036 (the equivalent of the 2023/24 band D council tax increase) into a Cost of Living Support Fund to support households in hardship through additional council tax discounts, as proposed by officers;

xix.         recommend to Council the approval of the planned use of General Fund reserves during 2023/24 as set out at paragraph 47 of the General Fund budget report, including the use of £2.667 million from the Medium Term Financial Strategy reserve to balance the General Fund budget;

xx.          recommend to Council the approval of the reprofiling of spend on the Local Plan, and associated drawdown of reserves, as set out at paragraphs 29-34 of the General Fund budget report;

xxi.         recommend to Council the approval of the schedule of fees and charges for 2023/24 as set out at Annexe H5;

xxii.        recommend to Council the delegation of authority to the Director of Finance and Corporate Services (Section 151 Officer) to set and/or amend fees and charges in relation to services which are operating in competition with commercial providers, for example trade waste;

xxiii.       recommend to Council approval of the General Fund budget for 2023/24; and

xxiv.       note the contents of the Budget Consultation Report 2023/24.