Agenda item

The Executive Member for Financial Sustainability presented the Budget 2023/24 and the Medium Term Financial Plan 2023/24 – 2027/28 report. Councillor Williamson ran through the key highlights which included the increase in Council Tax by 2.99% in line with the Chancellor’s Autumn Statement which would provide the council with an extra £33,000 in revenue. He said that the council could deliver a balanced budget for 2023/24 despite the challenging background of high inflation and interest rates. He reminded Members that £6.7 million needed to be saved in 2024 – 2028 so further savings would need to be found.

Councillor Williamson said it was clear that further work was required to balance future budgets. He said the Leadership Team would be preparing a Reconciling Policy, Performance and Resources exercise for after the District elections in May 2023. He said that lower priority capital spending had been moved into the approved but not committed category so that the council did not need to allow for financing of these items and they could be brought back into committed spending if funding was found for them.

Councillor Williamson proposed an amendment to Recommendation C to “That Executive Members consider the results of the full cost recovery calculations for their portfolio and approve the fees and charges to be recommended to Council.”

Councillor Buckmaster said that the Council Tax with the increase, equated to approximately £189 across the year for a Band D property. He said that considering the number and level of services the council provides, he felt this was good value for money.

Councillor Haysey said that although the District council collected the tax, most of it goes to the County Council and the Police.

Councillor McAndrew echoed Councillor Williamson’s words about future budgets. He said that recommendation D referred to further efficiencies and every council across the country faced the same challenges and the next year would be difficult for councils across the country.

Councillor Williamson proposed, and Councillor McAndrew seconded a motion supporting the recommendations in the report and the amendment to recommendation C. On being put to the meeting and a vote taken, the motion was declared CARRIED.

RESOLVED – To recommend to Council (A) The approval of the budget and Medium Term Financial Plan at Appendix A with a Council Tax increase of 2.99%, which will result in a Band D Equivalent Council Tax annual increase of £5.50;

(B) The approval of the Capital Programme at Appendix B;

(C) That Executive Members consider the results of the full cost recovery calculations for their portfolio and approve the fees and charges to be recommended to Council; and

(D) To note that the level of budget reductions required to balance the budget in the medium term is beyond further efficiency measures alone and that Leadership Team are preparing a Reconciling Policy, Performance and Resources exercise that the new Council, elected in May 2023, will need to undertake alongside the development of the new Corporate Plan, to balance the budget over the medium term.