77 *GRA Budget Report and MTFS Update 24-25 PDF 385 KB
To consider the report of the Head of Finance, Procurement & Commercial Services.
(Relevant Portfolio Holder: Councillor R Molloy)
Additional documents:
Minutes:
Consideration was given to the revised report of the Head of Finance, Procurement & Commercial Services, as contained on pages 559 to 580 of the Book of Reports, which sought to set a balanced Revenue Budget for the forthcoming financial year 2024/25 and presented the updated Medium-Term Financial Forecast (MTFF) for the following financial years 2025/26 to 2026/27, noting the latest forecast budget gap of £1.533m, comprising:
· £1.803m in 2025/26
· (£0.270)m in 2026/27
and informed of the reserves position as at 31 March 2023 and the forecast position to 2026/27.
A Motion to agree the recommendations in the revised report, was moved and seconded.
In accordance with the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014, voting on Motion was recorded as follows:
FOR: Councillors: Aldridge, Anderson, Burnside, Coughlan, Cummins, Dowling, Fennell, Fillis, Finch, Fowler, Furey, Gagen, N Hennessy, P Hennessy, Hogan, Lawson, Lloyd, Molloy, Nixon,
G Owen, Parlour, Patel, Pryce-Roberts, West and Yates (TWENTY FIVE)
AGAINST: Councillors: Bailey, Blundell, Daniels, de Freitas, Gordon, Hesketh, Howard, Juckes, Mrs Marshall, Rigby, Webster,
D Westley, Mrs Westley, Whittington and Witter (FIFTEEN)
The Motion was CARRIED.
RESOLVED:
A. That the General Revenue Account (GRA) budget for 2024/25, set out in the revised report, be approved.
B. That the latest GRA Medium-Term Financial Forecast (MTFF) budget gap for 2025/26 to 2026/27, as set out in the report, be noted.
C. That the latest GRA reserves position as at 31 March 2023 and forecast to 2026/27 be noted and the GRA reserves policy be approved.
D. That delegated authority be given to the Chief Operating Officer and the Corporate Director to take all necessary action to implement the changes resulting from the budget proposals.
E. That delegated authority be given to the Head of Finance, Procurement and Commercial Services (Section 151 Officer) to apply an annual inflationary increase to fees and charges.
144 GRA Budget Report and MTFS Update 24-25 PDF 373 KB
To consider the report of the Head of Finance, Procurement & Commercial Services.
(Relevant Portfolio Holder: Councillor R Molloy)
Additional documents:
Minutes:
Councillor R Molloy introduced the report of the Head of Finance, Procurement & Commercial Services, which sought to set a balanced Revenue Budget for the forthcoming financial year 2024/25, presented the updated Medium-Term Financial Forecast (MTFF) for the following financial years 2025/26 to 2026/27, noting the latest forecast budget gap of £1.348m, comprising:
• £1.620m in 2025/26
• (£0.272)m in 2026/27
and detailed the reserves position as at 31 March 2023 and the forecast position to 2026/27.
The Minute of the Executive Overview & Scrutiny Committee had been circulated prior to the meeting.
In reaching the decision below, Cabinet considered the report before it and the recommendations contained therein.
RESOLVED:
A. That the General Revenue Account (GRA) budget for 2024/25 be approved based on the proposals to be presented at the Council meeting.
B. That the latest GRA Medium-Term Financial Forecast (MTFF) budget gap for 2025/26 to 2026/27 be noted.
C. That the latest GRA reserves position as at 31 March 2023 and forecast to 2026/27 be noted and the GRA reserves policy be approved.
D. That delegated authority be given to the Chief Operating Officer and the Corporate Director to take all necessary action to implement the changes resulting from the budget proposals.
58 GRA Revenue Budget Report and MTFS Update 2024/25 to 2026/27 PDF 375 KB
To consider the Report of the Head of Finance, Procurement & Commercial Services.
Additional documents:
Minutes:
The Head of Finance, Procurement and Commercial Services introduced the report, as contained on pages 331 to 352 of the Book of Reports, the purpose which was to :
1. To enable the Council to set a balanced Revenue Budget for the forthcoming financial year 2024/25.
2. To present to members the updated Medium-Term Financial Forecast (MTFF) for the following financial years 2025/26 to 2026/27, noting the latest forecast budget gap of £1.348m, comprising:
• £1.620m in 2025/26
• (£0.272)m in 2026/27
3. To inform members of the reserves position as at 31 March 2023 and the forecast position to 2026/27.
4. To present to members the Capital Strategy 2024/25 to 2026/27.
5. To enable the Council to set the Capital Programme for the three years 2024/25 to 2026/27.
Comments and questions were raised in respect of the following:
· Staff vacancy factor – use of interim staff / agency expenditure / list of vacancies
· Further detail requested on growth in tax basis not being as anticipated
· Some houses registered as business premises / Airbnb, so no longer in Council tax
· Why is there only a £6k reduction in Members Allowances
· TVD showing return in 2026/27 of £500k at Appendix 1, this figure differs from the business plan
The Head of Finance, Procurement and Commercial Services, commented that it would be helpful if questions were presented prior to the meeting if possible. He informed Members that he would provide a response to the above questions following the meeting.
RESOLVED: A. That the report be noted.
B. That the Head of Finance, Procurement and Commercial Services provide a response to Members in relation to the above comments and questions raised at the meeting.