Agenda item

Executive Summary

This report presents for approval the budget for 2024/25 and to make statutory calculations in accordance with the Local Government Finance Act 1992 to set the Council Tax for 2024/25. The report also includes the Chief Finance Officer’s report on the robustness of the estimates and adequacy of reserves.

Options considered

It is a statutory requirement to set the budget each year, whilst there are options around the content of the budget presented for approval, the budget now recommended reflects the recommendations made by Cabinet at its meeting on 5 February 2024.

Consultation(s)

The proposed budget has been presented to the Overview and Scrutiny Committee for pre-scrutiny at its meeting on 24 January and again at its meeting for post-scrutiny at its meeting on 14 February. A business engagement event took place on 30 January and the businesses that attended were consulted about the proposed budget for 2024/25. Public consultation has also taken place on the Council’s website and on all the Council’s other social media platforms.

Recommendations

That having considered the Chief Finance Officer’s report on the robustness of the estimates and the adequacy of the proposed financial reserves, the following be approved:

1)            The 2024/25 revenue budget as outlined at Appendix A;

2)            The statement of identified savings as detailed in Appendix B,

3)            The statement of and movement in the reserves as detailed at Appendix C;

4)            The updated Capital Programme and financing for 2023/24 to 2027/28 as shown in Appendix D;

5)            The new capital bids recommended for approval as detailed at Appendix E;

6)            That Members note the current financial projections for the period 2025/26 to 2027/28 that form the Medium Term Financial Strategy and as detailed in paragraphs 3.10 to 3.14 and Appendix A.

7)            That Members note and consider the results of the Budget Consultation exercise which are contained in the paper circulated to Members and which will be included as an Appendix to the meeting’s minutes when published.

8)            The Policy Framework for the Earmarked Reserves and the Optimum Level of the General Fund Reserve of £2.1m for 2024/25 to 2026/27 as detailed in paragraphs 3.35 to 3.72 and in Appendix G;

9)            The Local Council Tax Support Scheme (LCTS) for 2024/25 as set out in paragraphs 3.16 to 3.23;

10)         That Members undertake the Council Tax and statutory calculations set out at Appendix F, and set the Council Tax for 2024/25;

11)         The demand on the Collection Fund for 2024/25 is as follows:

a.    £6,995,942 for District purposes

b.    £3,129,194 for Parish/Town Precepts;

This reflects the recommended Council Tax increase of £4.95 for the district element for a Band D equivalent property.

To approve the 2024/25 budget for revenue and capital and to make the statutory calculations in respect of the 2024/25 Council Tax.

Reasons for recommendations

It is a statutory requirement to set the budget each year. To enable the Council to set a balanced budget.

Background papers

Budget reports and briefings, precepts (NCC, Police and Parishes)

Draft Revenue Budget Report for 2024/25 presented to Cabinet on 5 February 2024

Wards affected

All

Cabinet member(s)

All

Contact Officer

Tina Stankley

Director of Resources and s151 Officer

tina.stankley@north-norfolk.gov.uk

Links to key documents:

Corporate Plan:          

Strong Responsible & Accountable Council.

Medium Term Financial Strategy (MTFS)                                

The setting of a balanced budget for 2024/25 provides the base position for reviewing the following years of the Medium-Term Finance Plan.

Council Policies & Strategies

Budget Setting & Medium-Term Finance Strategy