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The Cabinet Member for Finance and Corporate Transformation presented the draft budget for 2024-2025, the draft Medium-Term Financial Strategy 2024-2029 and draft Capital Programme for 2024-2029 at Full Council on Thursday 22nd February 2024.
Council debated the budget proposals and Cabinet members responded to points raised by members. Members from opposition groups challenged the Cabinet on proposals to charge for blue badges and on the results of the public consultation exercise.
By 34 votes to 32 it was RESOLVED
1. To approve the Medium Term Financial Strategy for 2024-2029 as set out in Appendix A to the report.
2. To approve Revenue Budget for 2024-25 with the inclusion of a 7.5% increase in Council Tax in 2024-25 shown in the Financial Resource Model in Appendix B and Table 4 and Table 5 of the report.
3. That any additional funding received following publication of the Local Government Final Settlement will be applied in the budget as set out in the budget amendment set out in section 3.18.
4. To approve the Fees and Charges Register in Appendices D and E of the report.
5. To approve the Capital Strategy and Capital Programme for 2024-29 shown in Appendix H of the report.
6. To approve the Minimum Revenue Provision Statement as set out on Appendix H.
7. To approve the Treasury Management Strategy and the Annual Investment Strategy in Appendix H.
8. To approve the Authorised borrowing limit for 2024-25 as required under section 3(1) of the Local Government Act 2003 is set at £514 million and the Operational Boundary is set at £499 million as set out in section 3.83 of the report.
9. To approve the Prudential Indicators for 2024-25 as set out in section 3.79 to 3.86 of the report and Appendix H.
