Agenda item

7.1 Budget 2024-25 – Report under Section 25 of the Local Government Act 2003

To provide Council Members with information on the robustness of the estimates and the adequacy of reserves in the Cabinet’s budget proposals for 2024-25. Provision of this information is a legal requirement and ensures that all Members have regard to the professional authoritative advice provided by the Council’s Chief Financial Officer when final budget decisions are made at this meeting.

7.2 Budget Engagement Report

This report provides a summary of engagement on the Council’s Budget which commenced in July 2023 and included a Budget Survey which closed on 26th January 2024. This engagement helps to inform the Council’s Budget and Medium-Term Financial Plan.

7.3 Budget 2024-25, Medium Term Financial Plan 2024-28 and 30 Year Business Plan for the Housing Revenue Account

The report seeks Council approval for the updated Budget 2024-25, Medium Term Financial Plan (MTFP) 2024-28 and 30-year Business plan for the Housing Revenue Account (HRA).

7.4      Budget 2024-25 and Medium-Term Financial Plan 2024-28

The report provides the Revenue Budget for 2024-25 and Revenue MTFP 2024-28 and the Capital Budget for 2024-25 and Capital MTFP 2024-28, following the Government’s Autumn Statement on 22 November 2023, and the publication of the provisional Local Government Finance Settlement on 18 December 2023.

It is important to note that there may need to be some revisions to the figures following receipt of the Government’s final Local Government Finance Settlement figures in February 2024. It is proposed that any changes to the figures as a result of this announcement, which impact on the Budget 2024-25 and MTFP 2024-28 are delegated to the Executive Director for Transformation and Resources in consultation with the Cabinet Member for Corporate Services. If the final Local Government Settlement is received prior to the Cabinet or 21 February 2024 Council meeting, then a supplementary report will be provided to Members advising of any changes.

7.5      Update to the Budget 2024-25 and Medium Term Financial Plan 2024-28

The purpose of this report is to update Members with matters relating to the Budget 2024-25 which have arisen following the publication of the final Local Government Finance Settlement and publication of the Budget reports, one of which was presented to the all OSC Member Corporate Services and Economic Growth Overview and Scrutiny Committee on 29 January 2024 and the second to Cabinet on 13 February 2024.

7.6      Revenues and Benefits Policies for 2024-25

The purpose of this report is to update Members on the policies governing the administration of Revenues and Benefits and seek approval for the updates and amendments highlighted.(The policies are enclosed separately with this agenda).

7.7      Council Tax 2024-25

To provide Council Members with the financial information to enable the Council to calculate and set the Council Tax for 2024-25.