The Director of Resources introduced the report which set out the Council’s Revenue and Capital budget proposals for 2024/25, the Medium-Term Financial Plan (MTFP) and the Capital Strategy.

The Chair invited Members to make comments, which included:

·         There was no budget for the Local Plan;

·         it was important that the Local Plan work had a budget to work on;

·         could the Committee propose an earmarked amount for the Local Plan before the budget went to Full Council?;

·         recognised that it was difficult to allocate a budget to the Local Plan when the government were constantly changing their Housing Targets for Local Authorities; and

·         had officers been told what the Internal Drainage Board funding was?

The Director of Resources responded by explaining to Members that all amendments to the budget would have to be proposed and seconded at Full Council in February 2024. She added that there had been no additional budget created for the Local Plan as currently there was a reserve balance of £212,000. If Members thought that there would be additional spend on the Local Plan above the reserve and annual base budget funding, then they would need to indicate where they proposed the extra expenditure would come from.

With regards to the Internal Drainage Board funding, the Director of Resources advised Members that only headline figures had been released but officers did not know the breakdown that the Council would receive. She hoped that the final figures would be ready for Full Council in February 2024.

Recommended:

(1)      That the Administration’s 2024/25 revenue budget proposals be approved.

(2)      That the proposed Council Tax Band D increase for 2024/25 to £200.70, or the maximum allowed should the cash limit be increased be approved.

(3)      That the levy of 100% Long Term Empty Premium, for properties that had been empty for more than one year from 1 April 2024 be approved.

(4)      That the levy of 100% Second Home Premium for properties from 1 April 2025 be approved.

(5)      That the Medium-Term Financial Plan be approved.

(6)      That the Capital Strategy be approved.

(7)      That the Capital Programme proposals be approved.

(8)      That the additional amount of Council Tax for Parish Precepts be noted.

(9)      That the minimum revenue provision statement be approved.

(10)   That delegated authority be given to the Director of Resources to adjust charge out rates within fees and charges as appropriate, where they were based on costs incurred and where legislation changes were made to centrally set charges in-year.

(11)   That the use of the reserves statement as detailed in Appendix VI be approved, to ensure reserves were valid and supported the assumptions in the MTFS.