Agenda item

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

The Committee gave consideration to the report and appendices (as set out at pages 3 - 42 of the agenda update), which presented the revised General Fund Annual Budget for 2024/25 and an updated MTFP for 2024/25 to 2026/27, provided an update on the capital programme for 2024/25 and presented the HRA Annual Budget for 2024/25.

The Chair noted that due to ongoing discussions around recommendation C, the recommendation would instead read “Recommends to Council that the Service Delivery Changes – Financial Sustainability Plan be considered by Full Council on 12 December.”

It was moved by the Chair, seconded by Councillor G A Boulter, and an amendment was proposed by Councillor C S Gore and seconded by Councillor N Alam that recommendation B read “Recommends to Council that the general fund balance reserve is no longer used to balance the budget and recognise the mistake in using the balance for this purpose for as long as it has been doing.”

IT WAS RESOLVED THAT:

The amendment to recommendation B be rejected.

Votes For                   3

Votes Against           8

Abstentions              0

IT WAS UNANIMOUSLY RESOLVED THAT:

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

ii)           The general fund balance reserve no longer be used to balance the budget; and

iii)         The Service Delivery Changes – Financial Sustainability Plan be be considered at Full Council on Tuesday 12 December 2023.

IT WAS RESOLVED THAT:

iv)         An increase in housing rents, service charges and garage rents by the maximum social rent level of 7.7% (subject to any changes being announced on the rent setting formula) be recommended to Full Council.

Votes For                   8

Votes Against           3

Abstentions              0