Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council:-

(1) approve the overall spending proposals in respect of its General Fund and HRA revenue budgets;

(2) approve the General Fund and HRA Capital Programmes, subject to the identification of sufficient capital receipts to finance the new General Fund Capital bids in respect of IT and that the final decision be delegated to the Director Finance, in consultation with the Leader and Chief Executive.

(3) in agreeing the recommendations, consider the Section 151 Officer budget assessment in 8.17 of the report.

(4) approve setting the General Fund minimum Balance at £3.020 million for 2024/25 and the HRA minimum Balance at £3.525 million for 2024/25.

(5) approve the Council Tax for each Band recommended to the Council as set out in section 8.19.3 subject to Devon County Council, OPCC Devon and Cornwall and the Devon and Somerset Fire Authority confirming their Band D levels respectively.

(6) approve the revised Council Tax levels submitted to Council on 20 February 2024, when the actual Council Tax amounts for Devon County Council, Devon and Cornwall Police and Crime Commissioner and the Devon and Somerset Fire Authority are set.

Reason for Decision: As set out in the report.

The Executive received the report on the General Fund revenue estimates for 2024/25 and also included the proposed Capital Programme for 2024/25 and future years, together with the proposals for the Housing Revenue Account for 2024/25.

Particular reference was made to the following:

·         the Council had received an extra £140,000 in the local government final settlement which was not included within this budget;

·         the Council tax referendum threshold had been confirmed as less than 3% or £5 for District Council’s. For Exeter, the increase was 2.99% or £5.24;

·         the new homes bonus had been confirmed at £485,000 and meant that the Council had tipped over £30 million of new homes bonus over the life of that funding;

·         the budget for 2024/25 would be balanced, however, work was required to identify further reductions of £5.6 million over the next three years. There were current proposals covering £1.5 million, requiring £4.15 million to be identified;

·         the council tax budget recommendation was an increase of £5.24 on a Band D Council tax, equating to £7.04 million of council tax;

·         a 2.99% increase for Band D council tax would equate to £180.37;

·         the General Fund Capital Programme being proposed for next year was £15 million with a significant carry forward expected, for which approval would be sought for in July 2024, with £168,000 set aside for new IT equipment; and

·         the Section 25 statement highlighted that a significant amount of work had been undertaken to address the level of reserves for the general fund and the HRA. A risk assessment process was used to identify risks and why reserves were held.

Councillor Moore, as an opposition group leader enquired about the recommendation for a public consultation on the council budget.

Councillor M. Mitchell, as an opposition group leader expressed concern on the decreasing percentage of income from council tax and its impact in delivering statutory and discretionary services.

An Executive Member commended the report and advised that the Police and Crime Commissioners Panel had set a precept increase of £12.94.

The Director Finance in responding to questions and points raised by Members advised that a comprehensive consultation would be in place for next year.

RECOMMENDED that Council:-

(1) approve the overall spending proposals in respect of its General Fund and HRA revenue budgets;

(2) approve the General Fund and HRA Capital Programmes, subject to the identification of sufficient capital receipts to finance the new General Fund Capital bids in respect of IT and that the final decision be delegated to the Director Finance, in consultation with the Leader and Chief Executive.

(3) in agreeing the recommendations, consider the Section 151 Officer budget assessment in 8.17 of the report.

(4) approve setting the General Fund minimum Balance at £3.020 million for 2024/25 and the HRA minimum Balance at £3.525 million for 2024/25.

(5) approve the Council Tax for each Band recommended to the Council as set out in section 8.19.3 subject to Devon County Council, OPCC Devon and Cornwall and the Devon and Somerset Fire  ...  view the full minutes text for item 24