Agenda item

Report of the Assistant Director of Finance (S151)

Purpose of report

To consider and approve the Budget Setting for 2024/25 and MTFS 2028/29 as per the recommendations.

Recommendations

The Council resolves to:

1.1          Have regard to the statutory report of the Chief Finance Officer (Section 25 report) at Appendix 3 in approving recommendations 1.2 – 1.9.

1.2          Approve the proposed Fees and Charges schedule for 2024/25 (Appendix 7) and statutory notices be placed where required.

1.3          Consider and note the Equality Impact Assessments of the Budget (Appendix 8 and 8b)

1.4          In relation to the Business Plan (Section 4.1) to approve:

1.4.1           The Business Plan set out in Appendix 1.

1.5          In relation to the Revenue Budget Strategy (Section 4.3) and Medium-Term Financial Strategy (MTFS) (Section 4.6) to approve:

1.5.1                   The net revenue budget for the financial year commencing on 1 April 2024, as set out in Table 4.3.1, and further analysed in the Budget Book provided at Appendix 12.

1.5.2                   The MTFS and Revenue Budget 2024/25 (Sections 4.3 and 4.6 respectively), including the Savings Proposals and Pressures included at Appendices 4 and 5 respectively.

1.6          In relation to Council Tax to approve:

1.6.1                   An increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2024 of £5, resulting in a Band D charge of £153.50 per annum.

1.7          In relation to the Capital Programme and related strategies (Section 4.4) to approve:

1.7.1                   The Capital Bids and Capital Programme at Appendix 17 and 18 respectively.

1.7.2                   The Capital and Investment Strategy 2024/25 (Appendix 19), including the Minimum Revenue Provision (MRP) Policy, and the revised 2023/24 MRP Policy (Appendix 20).

1.7.3                   The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2024/25 (Appendix 21).

1.8          In relation to reserves (Section 4.5) to approve:

1.8.1                   A minimum level of General Balances of £6.1m as supported by Appendix 15.

1.8.2                   The Reserves Policy (Appendix 14).

1.8.3                   The medium-term reserves plan described in Appendix 16.

1.9          In relation to the Pay Policy Statement approve:

1.9.1                   The Pay Policy Statement, as required by the Localism Act 2010, detailed in Appendix 9.

Resolved

(1)          That, having due regard, the statutory report of the Chief Finance Officer and the comments of the Chief Finance Officer in respect of the proposed amendments, be noted.

(2)          That, subject to the following amendments with authority delegated to the Section 151 Officer to update the budget papers to reflect the amendments, the proposed Fees and Charges schedule for 2024/25 be approved and it be noted that statutory notices would be placed where required.

·       That the 2024/25 increase in bulky waste charges be removed and the 2023/24 levels be retained and a new premium charge for faster service be introduced

·       That the charge for replacement bins be removed

·       That the 2024/25 increase in the NOA, Cooper School and Stratfield Brake fees and charges be removed and the fees be retained at 2023/24 levels at a cost of £0.012m.

(3)          That, having given due consideration, the Equality Impact Assessments of the Budget be noted.

(4)          That the Business Plan (annex to the Minutes as set out in the Minute Book) be approved.

(5)          That the net revenue budget, for the financial year commencing on 1 April 2024, as set out below incorporating budget movements to fund the amendments to the budget, with authority delegated to the Section 151 Officer to amend other tables within the budget accordingly, be approved:

(6)          That, subject to the following amendments with authority delegated to the Section 151 Officer to update the budget papers to reflect the amendments, the Medium Term Financial Strategy and Revenue Budget 2024/25 including the Savings Proposals and Pressures be approved.

·         That savings proposal reference SWAST243 (£0.075m) be removed to reflect resolution (2) to not introduce a charge for replacement bins.

·         That savings proposal SWAST241 be amended by introducing alternative charges for bulky waste (as set out in resolution (2)) in 2024/25 and it be noted this has a net nil impact on the budget and MTFS.

·         That savings proposal SPCON242 be reduced by £0.022m in 2024/25 in order to keep Pioneer Square public conveniences open.

·         That a new pressure of £0.020m for an additional cleaning contract for the public conveniences at Pioneer Square be agreed.

·         That the general contingency budget be reduced by £0.129m to fund the agreed amendments to the proposed budget. 

(7)          That an increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2024 of £5, resulting in a Band D charge of £153.50 per annum be agreed.

(8)          That the Capital Bids and Capital Programme (annexes to the Minutes as set out in the Minute Book) be approved.

(9)          That the Capital and Investment Strategy 2024/25 (annex to the Minutes as set out in the Minute Book), including the Minimum Revenue Provision (MRP) Policy, and the revised 2023/24 MRP Policy (annex to the Minutes as set out in the Minute Book).

(10)       That the Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2024/25 (annex to the Minutes as set out in the Minute Book) be approved.

(11)       That a minimum level of General Balances of £6.1m be approved.

(12)       That the Reserves Policy (annex to the Minutes as set out in the Minute Book) and the medium-term reserves plan (annex to the Minutes as set out in the Minute Book) be approved.

(13)       That the Pay Policy Statement, as required by the Localism Act 2010 (annex to the Minutes as set out in the Minute Book) be approved.