Agenda item

Whilst this report is public, Appendices B1 & B2 are exempt, and notice is hereby given that the meeting is likely to move into private session if it is necessary to refer to the exempt appendix.

(Cabinet Member with Special Responsibility Councillor Hamilton-Cox)

Report of Chief Officer Resources  (report published on 16.2.24)

(Cabinet Member with Special Responsibility Councillor Hamilton-Cox)

Cabinet received a report from the Chief Finance Officer that set out the latest position in respect of the budget and policy framework and Cabinet’s proposed General Fund revenue budget for 2024/25.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

Revenue Budget

Council may adjust its revenue budget proposals, so long as the overall budget for 2024/25 balances and fits with the proposed Council Tax level.

Other Budget Framework Matters (Reserves and Provisions)

Given known commitments, risks, and Council Tax restrictions there is little flexibility in financial terms, but Council could consider different budget strategies to be appraised for future years, or alternative arrangements for approving the use of various reserves, or different virement and/or carry forward limits. Overall, however, previous arrangements have worked reasonably well, and so no other fundamental changes are proposed.

Section 151 Officer’s Comments and Advice

Council is required to note this formally in the minutes of the meeting; hence it is reflected in the recommendations.

Depending on the nature of any alternative proposals put forward, Officers may need time to assess the risks and implications. This is to ensure that relevant considerations are taken into account, to support informed and lawful decision making.

The officer preferred option with regard to the Revenue Budget 2024/25 and Reserves Position is for Cabinet to agree the recommendations as presented as the proposals to be put forward by Cabinet should fit with any external constraints and the budgetary framework already approved. The recommendations as set out meet these requirements; the detailed supporting budget proposals are then a matter for Members.

Councillor Hamilton-Cox proposed, seconded by Councillor Potter:-

“That the recommendations, as set out in the report, be approved.”

Councillors then voted:-

Resolved unanimously:

That Cabinet recommends the following for approval to Budget Council on 28 February:

(1)             That the General Fund Revenue Budget of £25.008M for 2024/25 be approved, resulting in a Council Tax Requirement of £10.928M, excluding parish precepts, and a Band D basic City Council tax rate of £256.63.

(2)        That the supporting General Fund Revenue Budget proposals be approved, as summarised at Appendices A, B, B1 and B2 to the report.

(3)        That the budget transfer (virements and carry forwards) limits be approved as set out in Appendix D to the report.

(4)        That Council notes the Section 151 Officer’s advice regarding robustness of budget estimates, the adequacy of reserves and balances, specifically the advice that the minimum level of balances be retained at £5.0M, to provide for added uncertainty.

Officer responsible for effecting the decision:

Chief Officer Resources

Reasons for making the decision:

Cabinet has responsibility for developing corporate planning proposals and a balanced budget for Council’s consideration.The proposed budget incorporates measures to address the climate emergency and digital improvements as well as activities to address wellbeing, health, and community safety.  The decision enables Cabinet to make recommendations back to Full Council in order to complete the budget setting process for 2024/25.