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Agenda item

2023/24 Revenue Budget, Capital Programme and Medium Term Financial Strategy

Purpose

The purpose of this report is to present the budget for 2023/24.

 

Recommendations

Cabinet are requested to consider and approve for recommendation to Council:

(a) the Medium-Term Financial Strategy set out in Annex B

(b) the Savings and Transformation items for inclusion in the budget, set out in Annex C

(c) the Council Tax Requirement of £6,310,795 for this Council

(d) the Council Tax level for Cotswold District Council purposes of £148.93 for a Band D property in 2023/24 (an increase of £5)

(e) the Capital Programme, set out in Annex D

(f) the Annual Capital Strategy 2023/24, as set out in Annex E

(g) the Annual Treasury Management Strategy and Non-Treasury Management Investment Strategy 2023/24, as set out in Annex F

(h) the Strategy for the Flexible use of Capital Receipts, as set out in Annex H

(i) the balances and reserves forecast for 2023/24 to 2026/27 as set out in Section 5 of the report

Cabinet are recommended to approve delegation to the Council’s Deputy Chief Executive, in consultation with the Deputy Leader and Cabinet Member for Finance

(j) for any changes to the General Fund Summary arising from the Local Government Finance Settlement and the Business Rates Retention Scheme estimates prior to submission to Council

 

 

Minutes:

The purpose of the report was to present the budget for 2023/24.

 

The Deputy Leader and Cabinet Member for Finance introduced the report and provided an overview of its content and annexes and the Executive Summary

 

Cabinet noted that with the combined factors of increased inflation (& higher pay costs), high interest rates and increased energy costs, many councils (including Cotswold District Council) would be using their financial reserves to balance their 2023 and 2024 budgets.

 

Cabinet noted that plans to reduce Council expenditure (by £1.1m) and increase income and revenue (by £415,000) would reduce the amount of financial reserves required to bridge the funding gap to around £1.5m.

 

Cabinet noted that both the Council, and its partners Publica and Ubico, would be expected to deliver the reduction in the Council’s expenditure

 

Cabinet noted that details of the proposed budget had been considered by both the Audit Committee and the Overview and Scrutiny Committee.

 

Cabinet noted the recent additional increase in Bank of England interest rates had been anticipated and factored into the proposed budget.

 

Cabinet noted the addition of a late amendment to the budget:

Amendment - The Deputy Leader and Cabinet Member for Finance proposed an amendment to add a recommendation to remove the budgeted amount for an increase in member allowances in 2023/24 (£12,184).

 

The recommendations (as amended) were proposed by Councillor Mike Evemy and seconded by Councillor Joe Harris

 

RESOLVED: Cabinet AGREED to recommend to Council for consideration and approval:

(a) the Medium-Term Financial Strategy set out in Annex B

(b) the Savings and Transformation items for inclusion in the budget, set out in Annex C

(c) the Council Tax Requirement of £6,310,795 for this Council

(d) the Council Tax level for Cotswold District Council purposes of £148.93 for a Band D property in 2023/24 (an increase of £5)

(e) the Capital Programme, set out in Annex D

(f) the Annual Capital Strategy 2023/24, as set out in Annex E

(g) the Annual Treasury Management Strategy and Non-Treasury Management Investment Strategy 2023/24, as set out in Annex F

(h) the Strategy for the Flexible use of Capital Receipts, as set out in Annex H

(i) the balances and reserves forecast for 2023/24 to 2026/27 as set out in Section 5 of the report

Cabinet are recommended to approve delegation to the Council’s Deputy Chief Executive, in consultation with the Deputy Leader and Cabinet Member for Finance

(j) for any changes to the General Fund Summary arising from the Local Government Finance Settlement and the Business Rates Retention Scheme estimates prior to submission to Council.

 

additional recommendation to remove the budgeted amount for an increase in member allowances in 2023/24 (£12,184)

 

Voting Record – For 8, Against 0, Abstentions 0, Absent 0,

Supporting documents:

 

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