Decision details

RESOLVED:

That Cabinet recommend to Council the approval of the following:

1)             The General Fund Net Budget Requirement in 2023/24 of £22,468,250, as set out in appendices 5a - d to the Cabinet report.

2)             The New Forest District Council Band D Council Tax for 2023/24 of £193.99.

3)             The General Fund Capital Programme for 2023/24 of £15.031 million, as set out in appendix 6 of the Cabinet report.

4)             The proposed fees and charges as included at appendix 7 of the Cabinet report.

REASONS FOR DECISION:

As set out in the report.

KEY DECISION:

Report to Cabinet and Full Council.

PORTFOLIO:

Finance, Investment and Corporate Services/All.

ALTERNATIVE OPTIONS CONSIDERED/REJECTED:

As set out in the report.

DECLARATIONS OF INTEREST:

None.

DISCUSSION:

The Portfolio Holder introduced the report of the Medium-Term Financial Plan and Annual Budget 23/24. Cabinet, having considered the development of the plan, the General Fund revenue and capital budgets for 2023/24, and the proposed level of Band D Council Tax, felt satisfied to recommend that Council approve the recommendations.

It was acknowledged that despite the MTFP position to 2026/27 forecasting a budget deficit of £1.324 million, there were options within the plan to close the gap via crystallisation of new income and the delivery of savings and efficiencies. As of the Autumn 2022 Statement, additional funding was available in England , in the form of up to £1 billion of new grant funding across 2023/24.  This was welcomed given the rising interest rates, CPI inflation levels and general costs.  Although a one-year funding settlement would leave some uncertainty over the medium term, the Cabinet were reassured that the Council was working to cover its own expenditure pressures to deliver  key services to residents.

The Section 151 Officer explained that the Council’s proposed budget had  set aside additional resources to facilitate the delivery of key Corporate Plan objectives. The establishment of a senior management group to ensure delivery of projects, efficiencies, income and savings would all help to protect the delivery of frontline services, forming a core part of the strategy. Other resource streams proposed to maximise income, support investment, safeguard frontline service and balance the needs of service users and council taxpayers.

Cabinet acknowledged that sustainability, regeneration, local employment, economic growth and customer & employee communications were areas where financial resource had been targeted. Comparably to other Council’s across the country, NFDC would also face challenges and economic pressures over the medium and longer term, however the Council remained in a robust financial position with a balanced budget for the 2023/24 financial year and a plan to address the medium term forecast deficit to 2026/27.

The Cabinet were satisfied that the budget preparation process was robust, that reserve levels were adequate and that the forecast reduction in reserves was well planned and used the resources to the best effect in an appropriate and sensible manner.

Members noted the £300,000 one off investment that would be made on community safety and understood that this directly addressed the findings of the local Resident Insight Survey, benefitting community safety going forward.