Decision Maker: Mid Suffolk Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
It was RESOLVED: -
1.1 That the General Fund Budget proposals for 2024/25 and four-year outlook set out in the report, comprising the revenue and capital estimates as well as the proposed movements in reserves, be endorsed for recommendation to Council on 22 February 2024.
1.2 That currently the General Fund Budget for 2024/25 presented in this report assumes a 2% increase in the Band D Council Tax and that this be endorsed for recommendation to Council.
1.3 That three budget items were updated in the tabled papers for financing costs (see paragraph 5.12), costs arising from likely regulatory changes in accounting for loan impairments (paragraph 5.14) and final grant income figures from central government (paragraph 5.19) and endorsed to Council.
1.4 That the new income bands and contribution rates for the 2024/25 100% Local Council Tax Reduction (Working Age) Scheme, as set out in 5.29, be endorsed for recommendation to Council.
1.5 That Cabinet endorsed for recommendation to Cabinet the creation of an Expected Credit Loss Reserve of £538k as explained in paragraphs 3.4 to 3.11 to be funded by using some of the 2024/25 forecast surplus in the revenue budget for this purpose.
REASON FOR DECISION
To bring together all the relevant information to enable Cabinet Members to review, consider and comment upon the Councils General Fund budget for endorsement and recommendation to Council.
Alternative Options Considered and Rejected:
Setting a balanced budget is a statutory requirement, therefore no other options are appropriate in respect of this.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None
Publication date: 07/02/2024
Date of decision: 07/02/2024
Decided at meeting: 07/02/2024 - Mid Suffolk Cabinet
Effective from: 16/02/2024