Issue - meetings

Key Decision

Councillor David Martin – Deputy Leader and Executive Lead Member for Finance, Revenues and Benefits

Cabinet was presented with the Council’s Annual Budget, the Council Tax proposals for 2023/24 and a Medium Term Financial Strategy (MTFS) update.

Members considered the alternative option of declining to apply an increase to Council Tax for the 2023/24 financial year, but this was not recommended due to significant inflationary increases to its pay, energy, fuel and contracts

budgets in recent months, the estimated funding gap for 2024/25 and recognition of the recommendation in relation to Council Tax from the recent Local Government Association Finance Health check held in December 2021.

RESOLVED

that Council be recommended to approve the following:

a)    a £5.75 annual increase in the level of the District’s own Council Tax for 2023/24, setting the Band D equivalent at £201.21. This represents a 2.94% increase compared with 2022/23;

b)    the proposed 2023/24 Revenue (General Fund) and HRA Budgets as set out in this report at (Sections 3 and 4);

c)    the proposed Capital Programme and associated borrowing 2022/23 to 2026/27 as set out in this report (Section 5);

d)    the 2022/23 Revised HRA and Capital Budgets as set out in the report (Sections 4 and 5);

e)    the precept figures from Nottinghamshire County Council, Nottinghamshire Fire and Rescue Authority, Nottinghamshire Police and Crime Commissioner and the two Parish Councils within the District be incorporated, when known, into the Council Tax recommendation to Council on 2nd March 2023;

f)     to note the estimated financial challenge in the Medium-Term Financial Strategy (MTFS) for 2024/2025 to 2026/27 and the planned approach to address the challenge (Section 6);

g)    the proposed use of reserves as set out in this report (Table 5 (General Fund) and Table 9 (HRA));

h)    to note and accept the comments and advice of the Corporate Finance Manager (Section 151 Officer), provided in compliance with Section 25 of the Local Government Act 2003, as to the robustness of the estimates included in the 2023/24 Budget and the adequacy of the reserves for which this budget provides (Section 7);

i)     to note that the proposed 2023/24 budgets reflect the agreed changes to Fees and Charges approved by Cabinet on 24th January 2023.

Reason:

In accordance with the Local Government Finance Act 1992 the Council must set its annual budget by 10th March in the preceding financial year.