Division/Wards Affected: All
Purpose: To update Cabinet with the consultation responses to the draft budget proposals issued by them on the 18th January in respect of the Capital and Revenue budgets for 2023/24.
To make recommendations to Council on the Capital and Revenue budgets and level of Council Tax for 2023/24.
To receive the statutory report of the Responsible Financial Officer on the budget process and the adequacy of reserves.
To receive the Responsible Financial Officer’s Prudential Indicator calculations for capital financing.
Authors: Peter Davies – Deputy Chief Executive (S151 officer); Jonathan Davies – Head of Finance (Deputy S151 officer)
That Cabinet considers the responses to consultation and recommends to Council:
a) The 2023/24 revenue budget as attached in Appendix G2.
b) The 2023/24 to 2026/27 capital programme as attached in Appendix H1. 2.2
That a 5.95% increase in the Band “D” equivalent Council Tax is used as the planning assumption in the budget model and to apply for County purposes for 2023/24, and that Cabinet asks that efforts are doubled to ensure that individuals and households eligible for council tax exemptions or reductions claim the benefit available to them.
That Cabinet approves changes to proposed saving and pressures, updated following public consultation, scrutiny and more up to date information being made available since the draft proposals were released on consultation on 18th January 2023.
That Cabinet approves the proposed changes to the capital programme and that significantly include additional highways capital investment of £0.5m for 2023/24 and a further £1.5m over indicative capital budgets from 2024/25 to 2026/27.
That Cabinet recommends to Council the undertaking of a review of property assets, to identify assets which are under-utilised, where costs can be reduced, income increased and sites re-purposed or redeveloped to meet the objectives set out in the Community and Corporate Plan.
That Cabinet considers the Responsible Financial Officer’s report on the robustness of the budget process and the adequacy of reserves issued under the provisions of the Local Government Act, 2003, together with an assessment of the current and future financial risks facing the Council.
That Cabinet adopts the Responsible Financial Officer’s report on Prudential Indicators.
That Cabinet requests that:
a) More regular budget monitoring and scrutiny is now undertaken, and with the monitoring and reporting of budget savings being strengthened in acknowledgement of the deliverability risk involved.
b) A financial strategy is developed and that is accompanied by a medium-term financial plan (MTFP) that looks to puts the Council onto a secure and sustainable path going forward.
c) Regular review is undertaken of the MTFP to ensure it remains up to date, and that it includes an assessment of evidence-based pressures and risks, underlying modelling assumptions and the ongoing affordability implications of the Community and Corporate Plan.