Agenda and draft minutes

MTFS & Budget (2024/25), Policy, Finance & Development Committee - Tuesday, 6th February, 2024 7.00 pm

Venue: Civic Suite 2, Brocks Hill Council Offices, Washbrook Lane, Oadby, Leicester, LE2 5JJ. View directions

Contact: Democratic Services  Tel: (0116) 257 2775 Email: democratic.services@oadby-wigston.gov.uk

Note: Draft Budget (2024/25) & Medium-Term Financial Strategy (MTFS) etc. 

Media

Items
No. Item

43.

Apologies for Absence

To receive apologies for absence from Members to determine the quorum of the meeting in accordance with Rule 7 of Part 4 of the Constitution.

Minutes:

None.

 

44.

Appointment of Substitutes

To appoint substitute Members in accordance with Rule 26 of Part 4 of the Constitution and the Substitution Procedure Rules.

Minutes:

None.

 

45.

Declarations of Interest

Members are reminded that any declaration of interest should be made having regard to the Members’ Code of Conduct. In particular, Members must make clear the nature of the interest and whether it is 'pecuniary' or ‘non-pecuniary'.

Minutes:

Councillor C S Gore declared a pecuniary interest with regard to item 8 of the agenda, insofar as renting a plot in the Aylestone Lane allotments.

 

46.

Minutes of the Previous Meeting pdf icon PDF 207 KB

To read, confirm and approve the minutes of the previous meeting in accordance with Rule 19 of Part 4 of the Constitution.

Minutes:

By affirmation of the meeting, it was

 

UNANIMOUSLY RESOLVED THAT:

 

The minutes of the previous meeting held on Tuesday 5 December 2023 be taken as read, confirmed and approved.

47.

Action List Arising from the Previous Meeting

To read, confirm and note the Action List arising from the previous meeting.

Minutes:

None.

48.

Petitions and Deputations

To receive any Petitions and, or, Deputations in accordance with Rule(s) 11 and 12 of Part 4 of the Constitution and the Petitions Procedure Rules respectively.

Minutes:

None.

 

49.

Budget Monitoring (Q3 2023/24) pdf icon PDF 297 KB

Report of the Interim Finance Manager

Additional documents:

Minutes:

The Committee gave consideration to the report and appendices (as set out at pages 9 -39 of the agenda reports pack and pages 3 – 36 of the agenda update), which provided an update on the financial forecast position for the Council for the financial year 2023/24, at the end of Quarter 3.

 

It was moved by the Chair, seconded Councillor K J Loydall, and

 

UNANIMOUSLY RESOLVED THAT

 

i)            The content of the report and appendices be noted; and

ii)           The movement of the capital budget from the new Housing Initiative scheme to create the new Purchasing Existing Properties scheme be approved.

 

An amendment was proposed by Councillor L A Bentley and seconded by Councillor S Z Haq that recommendation C would include the Chair of Service Delivery Committee.

 

IT WAS UNANIMOUSLY RESOLVED THAT

 

iii)         The delegated authority for the purchase of a suitable dwelling to add to the HRA housing stock, subject to the inclusion of the Chair of Service Delivery Committee, be approved; and

iv)         The reduction of the 2023/24 capital programme budgets by the forecast slippage amounts and the increase of the capital programme budgets for 2024/25 to reflect the slippage be approved.

 

An amendment was proposed by Councillor C S Gore and seconded by Councillor N Alam that recommendation E read “Approve the creation of an NNDR Equalisation Reserve to hold income over budget created in one year so it can fund an NNDR deficit in a future year.”

 

IT WAS UNANIMOUSLY RESOLVED THAT

 

v)           The creation of an NNDR Equalisation Reserve to hold income over budget created in one year so it can fund an NNDR deficit in a future year be approved.

 

 

 

 

 

50.

Draft 2024/25 Revenue Budgets, Medium Term Financial Plan and 2024/25 - 2028/29 Capital Programmes pdf icon PDF 618 KB

Report of the Head of Finance / Acting Chief Finance Officer - S151 Officer

Additional documents:

Minutes:

The Committee gave consideration to the report and appendices (as set out at pages 40 – 52 of the agenda reports pack and pages 37 – 126 of the agenda update), which gave an update on the General Fund Revenue Budget for 2024/25, the Housing Revenue Account (HRA) revenue budget for 2024/25, the Draft Capital Programmes and the MTFP 2024/25 to 2028/29.

 

It was moved by Councillor S Z Haq, subject to an amendment that the Health and Wellbeing budget be removed, and seconded by Councillor K J Loydall, and

 

IT WAS RESOLVED THAT

 

i)            The General Fund Revenue Budget for 2024/25 as set out in appendix 1, subject to any final adjustments as may be required prior to Full Council (such as NNDR1 final estimates and the Final Local Government Finance Settlement 2024/25), based on no use of the general fund reserve and delivery of the Service Delivery Changes – Financial Sustainability Plan both approved at Full Council meeting on 12 December 2023, be recommended to Full Council.

 

Votes For             10

Votes Against     4

Abstentions        0

 

IT WAS RESOLVED THAT

 

ii)           An increase in Council Tax by the maximum core referendum limit of 2.99% as announced in the Provisional Local Government Settlement, subject to any update announced in the Final Local Government Settlement be recommended to Full Council.

 

Votes For             10

Votes Against     4

Abstentions        0

 

IT WAS UNANIMOUSLY RESOLVED THAT

 

iii)         The HRA budget for 2024/25, as detailed in table 6, based on the rent increase of 7.7% for Housing rents, garages and service charges approved at the Full Council meeting on 12 December 2023, be recommended to Full Council for approval;

iv)         The Scale of Fees and Charges as set out in appendix 4 be recommended to Full Council for approval;

v)           The Capital Schemes for the General Fund and HRA, including an indicative ranking for potential future schemes to be added to the programmes as funding is secured, as detailed in table 9, be recommended to Full Council to note;

vi)         The MTFP for 2024/25 to 2028/29 as set out in appendix 8 be recommended to Full Council to note; and

vii)        The S151 Officer’s statement on the robustness of the budget and the adequacy of reserves as set out in section 13 of the report be recommended to Full Council to note.

51.

Treasury Management Policy and Strategies and Prudential Indicators (2024/25) pdf icon PDF 203 KB

Report of the Senior Finance Business Partner

Additional documents:

Minutes:

The Committee gave consideration to the report and appendices (as set out at pages 53 – 101 of the agenda reports pack), which asked it to approve the Treasury Management Policy and Strategies and Prudential Indicators (2024/25).

 

It was moved by the Chair, seconded by Councillor K J Loydall, and

 

UNANIMOUSLY RESOLVED THAT

 

i)            The Capital Strategy 2024/25 including the Prudential Indicators (as set out in Appendix 1) be approved;

ii)           The Treasury Management Policy, Treasury Strategy and Plan 2024/25 (as set out in Appendices 2 & 3) be approved;

iii)         The Minimum Revenue Provision Statement 2024/25 (as set out in Appendix 4) be approved;

iv)         The Investment Strategy 2024/25 (as set out in Appendix 5) be approved; and

v)           The Flexible Use of Capital Receipts Strategy (as set out in Appendix 6) be approved.

52.

Resident Forum Funding Requests pdf icon PDF 184 KB

Report of the Community Safety & Youth Officer

Minutes:

The Committee gave consideration to the report (as set out at pages 102 – 104 of the agenda reports pack), which asked it to approve the release of funds to the relevant parties.

 

It was moved by Councillor L A Bentley, seconded by Councillor C S Gore, and

 

UNANIMOUSLY RESOLVED THAT

 

i)            The content of the report be noted and the release of funds to the relevant parties be approved.

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