Decision details

The Portfolio Holder for Corporate Finance and Resources to provide a report on the Revenue Budget for 2023/24, including the proposed level of council tax for borough council purposes and the Medium Term Financial Strategy 2025/26.

Cabinet:

1)    NOTED the year-end forecast and financial position for the General Fund and Special Expenses for 2022/23.

2)    NOTED the proposed budget for 2023/24 and that authority be DELEGATED to the Director for Corporate Services to make any amendments necessary to the estimates prior to their submission to Council for approval.

3)    APPROVED the Special Expenses Policy attached as Appendix C.

4)    RECOMMENDED to Council, subject to any amendments made under delegation:

4.1)    The revenue budget for 2023/24 for General and Special Expenses as set out in Appendix B and summarised in section 4.5, resulting in an overall council tax increase of 2.99%, the individual council tax levels being as set out in para 4.5.5.

4.2)    That the council continued to disregard 100% of any war widows (widowers)/war disablement scheme/armed forces compensation scheme payments in any benefits assessment.

4.3)    Any underspend on general expenses at 31 March 2023 be used to increase the current level of the working balance in order to move closer to the target level of £1m and any overspend be met by reducing the budgeted transfer to the Regeneration and Innovation Reserve with any further shortfall being met from the Corporate Priorities Reserve in order to maintain the current level at £850k.

4.4)    That the General Expenses working balance be increased to the £1m level recommended by the LGA in 2023/24 by transferring £150k from the Corporate Priorities Reserve.

4.5)    Any surplus/deficit for Special Expenses, Melton Mowbray, be transferred to/from the Special Expenses Reserve thereby bringing the actual working balance back to the target.

4.6)    That the changes made to the risk categorisation of budgets as set out in para 4.8.1 and Appendix E be noted.