To consider the proposed budget for 2023/24.  It brings together revenue and capital budget proposals for 2023/24, including a proposed level of Council Tax, requirement for 2023/24 so that a balanced budget may be approved.

The budget proposals are consistent with the Medium Term Financial Strategy approved by the Executive on 8^th February 2023.  The budget proposals have been considered by the Policy Advisory Committees and the Executive.

The budget includes proposed changes by the Executive for inclusion of an additional £400k increase in the budget envelope for pay that will be funded by unringfenced grant in 2023/24.  The ongoing costs will increase the budget gap from 2024/25 onwards and new savings will need to be identified to balance the budget.

The report also seeks approval of the proposed :

·  Capital Programme 2023/24 to 2027/28

·  Council’s level of earmarked reserves and general fund balances.

·  Treasury Management, Investment and Capital Strategies for 2022/23.

RESOLVED: That

1.  The outcome of consideration of budget proposals by the Policy Advisory Committees be noted;

2.  The Budget Growth and Savings Proposals set out in Appendix A to the report be agreed;

3.  The first £300,000 of 2023/24 unringfenced government grant be allocated for spatial policy and planmaking, with a further £400,000 transferred to the pay envelope for the staff budget, with the remaining balance transferred to the Housing Investment Fund, to be used to subsidise the Council’s Affordable Housing programme be agreed;

4.  The updated Strategic Revenue Projection set out in Appendix B to the report, subject to amendment as appropriate arising out of recommendation three be agreed;

5.  A £8.19 annual increase in Band D Council Tax for 2023/24 for recommendation to Council be agreed;

6.  The Revised Estimates for 2022/23 and the Budget Estimates for 2023/24 set out in Appendix C, for recommendation to Council be agreed;

7.  The Capital Programme set out at Appendix D for recommendation to Council be agreed;

8.  The Treasury Management Strategy, Investment Strategy and Capital Strategy set out in Appendix E to the report, for recommendation to Council be agreed;

9.  The projected level of General Fund balances in Appendix F to the report exceeds the agreed minimum level of £4 million be noted;

10.  The updated Medium Term Financial Strategy set out in Appendix G to the report, subject to amendment as appropriate arising out of recommendation three be agreed;

11.  Council be recommended the appropriate matters for decision to set a balanced budget for 2023/24 and the necessary level of Council Tax in accordance with the Local Government Finance Act 1992 and the Localism Act 2011 including the decisions made above, and

12.  The Council be recommended that it makes provision to implement with effect from 1 April 2024 the measures in the Regeneration and Levelling-up Bill to reduce the period before charging a Council Tax premium on empty property from two years to one and to charge a Council Tax premium on second homes.

(See Record of Recommendation to Council)