Decision details

RESOLVED

Council is recommended at its meeting on 29 January 2024

(1)           That the view of the Director of Finance & Resources, that the estimates included in the Medium-Term Financial Plan 2023/24 to 2027/28 are robust and that the level of financial reserves are adequate at this time, be accepted.

(2)           That officers report back to Cabinet and the Services Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets.

General Fund

(3)           That a Council Tax increase of £6.11 will be levied in respect of a notional Band D property (2.99%).

(4)           That the Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 to the report be approved as the Current Budget 2023/24, as the Original Budget2024/25, and as the financial projections in respect of 2025/26 to 2027/28.

(5)           That the shortfall in the General Fund budget for 2024/25 as set out in Appendix 1 to the report be met from the Resilience Reserve.

(6)           That the General Fund Capital Programme as set out in Appendix 4 to the report be approved as the Current Budget in respect of 2023/24, and as the Approved Programme for 2024/25 to 2027/28.

(7)           That any under spend in respect of 2023/24 be transferred to the Resilience Reserve to provide increased financial resilience for future years of the plan.

Housing Revenue Account (HRA)

(8)            That Council sets its rent levels for 2024/25 in consideration of the Social Housing Rent Standard increasing rents by 6% from 1April 2024.

(9)            That the Medium-Term Financial Plan in respect of the Housing Revenue Account, as set out in Appendix 3 to the report, be approved as the Current Budget in respect of 2023/24, as the Original Budget in respect of 2024/25, and the financial projection in respect of 2025/26 to 2027/28.

(10)        That the HRA Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2023/24, and as the Approved Programme for 2024/25 to 2027/28.

(11)        That the Management Fee for undertaking housing services at £12.05m and the Management Fee for undertaking capital works at £1.1m to Rykneld Homes in respect of 2024/25 be approved.

(12)        That Members endorse the section in the financial framework within the Management Agreement which enables the Council to pay temporary cash advances to Rykneld Homes to help meet the cash flow requirements of the company should unforeseen circumstances arise in any particular month.

(13)        That Members note the requirement to provide Rykneld Homes with a ‘letter of comfort’to the company’s auditors and grant delegated authority to the Council’s Director of Finance & Resources (S151 Officer) in consultation with the Leader of the Council to agree the contents of that letter.

REASONS FOR DECISION - To recommend budgets to Council in respect of the General Fund, the Housing Revenue Account, and the Capital Programme.

OTHER OPTIONS CONSIDERED AND REJECTED - The Council is required to set a budget each year. There are no alternative options were considered at this time.

Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.