Issue - meetings

To recommend the Medium Term Financial Strategy (MTFS),

Revenue and Capital Budget 2024/25 and Precept to Council.

Supporting documents:

Appendix 1 Medium Term Financial Strategy

Appendix 2 Budget Consultation Report

Appendix 3 Corporate Overview and Scrutiny draft minutes (10

January 2024)

Appendix 4 Equality Impact Assessments (see separate pack)

The decision to take into account the outcomes of the recent

formal budget consultation and feedback from Corporate Overview

and Scrutiny Committee.

Cllr Alan Preest (Chair of Corporate Overview and Scrutiny

Committee) to present the Scrutiny Committee’s observations.

Cllr Mark Hawthorne and Cllr Lynden Stowe sought Cabinet approval to recommend the MTFS, 2024/25 revenue and capital budgets and Precept to Council.

Having considered all of the information, Cabinet noted the report and

RESOLVED to:

1. To consider the outcome of the budget consultation as set out in Appendix 2 and the report from the Corporate Overview and Scrutiny Committee (COSC) in Appendix 3.

2. To approve the MTFS and final revenue and capital budget for 2024/25 for recommendation to County Council, including all the proposals set out in the annexes of the detailed MTFS (Appendix 1).

3. To note the schools funding allocations, the provisional local government finance settlement and forecast reserve movements as summarised in this report and set out in the MTFS.

4. To recommend to Council a revenue budget of £610.425 million, a band D council tax of £1,599.82, and consequential precepts on District Councils.

5. To note the Capital Strategy and Treasury Management Strategy & Investment Strategy as set out in Annexes 7 & 10 of the detailed MTFS.

6. To delegate authority to the Director of Finance in consultation with the Deputy Leader/Cabinet Member for Finance and Change to make further changes to the draft budget in response to additional funding allocated to Gloucestershire County Council in the final financial settlement from HMGovernment.

6.1     Cllr Mark Hawthorne and Cllr Lynden Stowe sought Cabinet approval to recommend the MTFS, 2024/25 revenue and capital budgets and precept to Council.

6.2     Cllr Lynden Stowe provided details of the proposals which included a recommendation for a Band D council tax rate of £1,599.82 for 2024/25, an increase of 4.99%.

6.3     The draft 2024/25 budget was published for public consultation on 7^th December 2023. The results of the consultation were detailed in appendix 2 to the report.

6.4     The MTFS proposals were scrutinised by Corporate Overview and Scrutiny Committee on 10^th January 2024, with notes from the meeting included at appendix 3 to the report.

6.5     Cllr Alan Preest was invited to present the views of the scrutiny committee. He thanked the Cabinet members for engaging with the process and thanked all scrutiny members for their comments and input to make the meeting a real success. In addition, he thanked the officers for attending the meeting and providing the committee with information as well as supporting members throughout the day.

He drew Cabinet’s attention to the summary section of the minutes that outlined some key areas of feedback at the end of the day. These include:

- Concerns relating to the Public Rights of Way DMMOs budget.

- The need for increased investment into solar panels.

- Concerns over how sensitive issues were addressed within the budget, relating to children in care and the use of funds from the Energy from Waste facility.

In summary it was acknowledged that some difficult financial years were expected and the challenge for local government over the next 5 to 10 years would be how to meet increased demand for services with the same resources.

6.6     The detailed MTFS proposals were set out in appendix 1 to the report. This reflected the changes to the funding assumptions arising from the Provisional Settlement announced in December 2023. Notably the MTFS proposals included:

-        A proposed revenue budget for 2024/25 of £610.425m (a net increase of over £43 million compared to 2023/24).

-        A future capital programme totalling £501.1 million, including £84.85 million of new investment.

6.7     The MTFS document (appendix 1) also included a Section 25 Statement, which included the Section 151 Officer’s review of the proposed budget. The Section 151 Officer had concluded that the level of reserves were adequate, and that the financial standing of the Council was sound in the context of the key risks.

6.8     Cabinet received details of the budget increases by service area as detailed within the report.

6.9     The papers included the Equality Impact Assessments which supported the decision making process.

6.10    Cllr Stowe explained that there was expected additional funding from central government in the coming days that would lead to an amendment of the budget recommended to full Council. A recommendation was added to the report for Cabinet to delegate authority to the Director of Finance, in consultation with the Deputy Leader/ Cabinet Member for Finance and Change to make further changes  ...  view the full minutes text for item 6