Agenda item - REVENUE AND CAPITAL BUDGET 2023/24

To receive Report No.37/2023 from the Portfolio Holder for Finance, Governance and Performance, Change and Transformation. (Report to Follow)

RESOLVED

That Cabinet RECOMMENDED TO COUNCIL that it:

· approves the General Fund Budget (Net Expenditure) for 2023/24 of £46.549m (section 9)

· approves budget reductions at service level (service savings, reversal of National Insurance rise and use of earmarked reserves) of £1.735m (Section 9.3) and corporate budget reductions of £1.889m as per section 9.3

· approves budget increases to meet service pressures of £5.401m arising from the inflation, cost of living and demand (Section 9.3) and a pay contingency of £743k

· approves the use of £589k of reserves to subsidise the main budget (Section 9) plus £900k set aside from general reserves to fund the Local Plan, Leisure and High Needs deficit (Section 7.1.4)

· approves the Council Tax resolution in Appendix 9 including an increase in Council Tax for Rutland County Council of 4.99% (2% for the Adult Social Care precept and 2.99% for main council tax) resulting in a Band D charge of £2,013.04 (Section 8)

· approves the award of up to an additional £25 discount on council tax bills for those individuals receiving local council tax support with an outstanding council tax liability to be funded from a Government grant (section 8.2.13).

· notes the outcome of consultation (section 13)

· approves changes to earmarked reserves as per Section 7.1.4

· approves additions/deletions to the capital programme as per Section 10

· notes the position on the Dedicated Schools Grant budget (Section 12)

· notes that additional revenue or capital expenditure may be incurred in 2023/24 funded through 2022/23 budget under spends to be carried forward via earmarked reserves. The use of reserves for budget carry forwards is not currently shown in the budget but will have no impact on the General Fund

· approves the estimated surplus of £38k on the Collection Fund as at 31 March 2023 (Section 8.3) of which £33k is the Rutland share.

· notes that the Director for Resources may ask for additional funds to support those in hardship as requested by Cabinet if required.

Report No.37/2023 was introduced by Councillor Karen Payne, Portfolio Holder for Finance, Governance and Performance, Change and Transformation.

The Council was required to set a balanced budget and agree the level of Council tax for 2023/24 in the context of its Medium Term Financial Plan. This report presented the final budget for approval.

Councillor Payne confirmed that there were no changes to the final settlement which was proposed in the draft budget as £46.549m.

It was explained to Members that the budget went to Scrutiny Committee in January, a concern was raised at that meeting for those who may need extra help during the cost of living crisis. Councillor Payne confirmed that extra funds had been set aside to cover that support and that Strategic Director for Resources would monitor the fund and if more money was needed towards this, the Portfolio Holder supported the drawing down of that provision.

Councillor Payne thanked the Strategic Director for Resources and his finance team on all the work that had gone into the budget.

Members thanked the Portfolio Holder for all the effort and time that had been put in to get this budget completed.

It was proposed by Councillor K Payne that the recommendations of report No. 37/2023 be agreed, this was seconded and upon being put to the vote the motion was unanimously agreed.