Cabinet Member for Finance.
Decision:
It was RESOLVED: -
1.1 That the General Fund Budget proposals for 2023/24 and four-year outlook set out in the report be endorsed for recommendation to Council on 23 February 2023.
1.2 That the General Fund Budget for 2023/24 is based on no increase to the Band D Council Tax, be endorsed for recommendation to Council on 23 February 2023.
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
Minutes:
86.1 The Chair, Councillor Morley invite the Cabinet Member for Finance, Councillor Whitehead to introduce the report.
86.2 Councillor Whitehead introduced the report and moved the recommendations 3.1 and 3.2 in the report.
86.3 Councillor Richardson seconded the recommendations and stated that this was a healthy budget for another year, which allowed the Council to invest in Communities and the District as a whole and reflected a strong financial position for the Council.
86.4 In response to questions from other Members attending the meeting the Director for Corporate Resources clarified the loan arrangements for CIFCO and the Capital borrowing programme.
86.5 The Cabinet Member for Finance responded to questions from other Members attending the meeting regarding the allocation of the Locality Funding and the risk management table in the report and further that the medium-term prediction was cumulative over the next four years. However, growth in business rates, fees and charges were likely to increase during this period to mitigate the funding gap.
86.6 In response to questions from other members attending the meeting, the Director for Housing advised Members that the Council was seeking legal advice on transfer between the General Fund and the Housing Revenue Account to explore if changes could be made, but that this would not be completed before the budgets were presented to Council in March.
86.7 In responses to further questions from other Members attending the meeting the Cabinet Member for Finance stated that the Council continuously strived to make efficiency savings to maintain and improve services to residents. However, the reserves were for projects, which would improve residents’ lives. There had been challenges on the Council’s day to day budget, such as the Covid-19 pandemic and the cost of living crisis. However, projects funded by the reserves, such as Gateway 14 and the Stowmarket Health, Education and Leisure Facilities scheme (SHELF) and the Electric Vehicle Charging Point project were also part of the Council’s work.
86.8 Councillor Morley stated that there were better, faster ways to save money for the Council such as going paperless and self-services for residents, which would free-up officers’ time to undertake more detailed work for residents.
86.9 Councillor Richardson queried table 1 for Risk Management and the Director for Corporate resources advised that it was prudent to leave the risk level as it was.
86.10 Members debated the issues including that efficiencies were key enablers for projects to improve the lives of residents and that the current funding for these projects would be carried forward to next year’s budget.
By a unanimous vote
It was RESOLVED: -
1.1 That the General Fund Budget proposals for 2023/24 and four-year outlook set out in the report be endorsed for recommendation to Council on 23 February 2023.
1.2 That the General Fund Budget for 2023/24 is based on no increase to the Band D Council Tax, be endorsed for recommendation to Council on 23 February 2023.
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.
Supporting documents: