Agenda item

Report of the Head of Finance / Acting CFO and S151 Officer

The Council gave consideration to the report and appendices (as set out at pages 18 – 108 of the agenda reports pack and page 3 of the first agenda update reports pack), which asked it to approve the General Fund Revenue Budget for 2024/25, the Housing Revenue Account budget for 2024/25, the Capital Programmes and the MTFP 2024/25 to 2028/29.

The following amendment(s) were proposed by Councillor M H Charlesworth but were not seconded by any other Member and therefore did not proceed to a vote:

A.         Council notes it has a statutory duty to set a balanced budget.

B.         Council notes OWBC and many other local authorities are under increasing financial pressures. These include high inflation which has led to increasing costs and high pay awards, financial errors by the council (as seen in recent committee agenda papers) and a broken local government funding formula.

C.         Council resolves to:

(i)       Introduce a charge of £40 for refuse & recycling bins at new build dwellings (a similar scheme operates in Hinckley & Bosworth). Income £9,600 based on the local plan building requirement.

(ii)      Cancel the ‘Our Borough’ publication, saving £15,000.

(iii)     Not to implement the decision to raise the cost of the garden waste collection service by £10 per annum, -£110,000.

(iv)    Not to implement the decision to increase car parking permits and charges, -£259,000.

(v)     In order to set a balanced budget council will use the £175,000 from the 23/24 car park income that was under-estimated. Assumed £550,000, Actual £725,000.

(vi)    In addition, it will use the £150,000 under-estimation from the 24/25 car park income. Assumed £575,000, Actual £725,000.

(vii)   To meet the shortfall £19,400 will be taken from the £225,000 recently put into the NNDR equalisation reserve.

Officers advised that the figurework provided in Councillor M H Charlesworth’s would scrutinised and reported back to Members for information only, adding that should the financial position of the Council in the near future, that in-year supplementary budgets could be presented and considered by Members at future meetings and reviewed again as part of the budget setting process for 2025/26.

The recommendations were moved en bloc (and as amended) by Councillor I K Ridley, seconded by Councillor F S Broadley and

RESOLVED THAT:

A.        The General Fund Revenue Budget for 2024/25 as set out in Appendix 1 be approved, noting the budget position is based on no use of the general fund reserve and delivering the Service Delivery Changes – Financial Sustainability Plan as set out in Appendix 3, incorporating a change to the plan to achieve 50% of the Health and Wellbeing saving (emphasis added) and reduce the Service Transformation saving by the equivalent amount;

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

C.        The Scale of Fees and Charges as set out in Appendix 4 be approved;

D.        The Capital Schemes of the General Fund and HRA, noting the indicative ranking for potential futures schemes to be added to the programme as funding is secured, as detailed in Table 9 be approved;

E.        The MTFP for 2024/25 to 2028/29 as set out in Appendix 8 be noted; and

F.         The S151 Officer’s statement on the robustness of the budget and the adequacy of reserves as set out in Section 14 of the report be noted.

Votes For                  16

Votes Against          7

Abstentions             0         

Councillor N Alam left the meeting at 8:07 pm and did not return.