Decision details

The recommendations in the Supplementary Report in Addenda 4 were approved with 37 votes in favour, 18 abstentions and no votes against.

The Council RESOLVED to:

a.     have regard to the statutory report of the Executive Director of Resources and Section 151 Officer set out in Amended Section 3.1 in approving recommendations b to d below;

b.    (in respect of the budget and medium term financial strategy – at Section 4) approve the following:

(1)        the council tax and precept calculations for 2024/25 [at Cabinet Section 4.3] and in particular:

(i)              a precept of £498,633,415;

(ii)             a council tax for band D equivalent properties of £1,820.56;

(2)        a budget for 2024/25 [at Amended Cabinet Section 4.4 which incorporates the changes set out in Labour & Co-operative Group Section 4.2];

(3)        a medium term financial strategy for 2024/25 to 2026/27 [at Amended Cabinet Section 4.1 (which incorporates changes to the existing medium term financial strategy as set out in Cabinet Section 4.2 and amended by Labour & Co-operative Group Section 4.2)];

(4)        the Financial Strategy for 2024/25 [at Cabinet Section 4.5];

(5)        the Earmarked Reserves and General Balances Policy Statement 2024/25 [at Amended Cabinet Section 4.6 which incorporates Labour & Co-operative Group Section 4.6].  This includes:

(i)              the Executive Director of Resources and Section 151 Officer’s recommended level of General Balances for 2024/25 [at Amended Cabinet Section 4.6], and

(ii)             the planned level of Earmarked Reserves for 2024/25 to 2026/27 [at Amended Cabinet Section 4.6.1 which incorporates Labour & Co-operative Group Section 4.6].

c.      (in respect of capital – at Section 5) approve:

(1)        the Capital & Investment Strategy for 2024/25 to 2033/34 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement [at Amended Cabinet Section 5.1 which incorporates Labour & Co-operative Group Section 5.3];

(2)        a Capital Programme for 2023/24 to 2033/34 [at Amended Cabinet Section 5.4 which includes new capital proposals set out in Cabinet’s Section 5.3 which incorporates Labour & Co-Operative Group Section 5.3].

d.    (in respect of treasury management – at Section 5) approve:

(1)        the Treasury Management Strategy Statement and Annual Investment Strategy for 2024/25 [at Cabinet Section 5.2] including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments.

(2)        that any further changes required to the 2024/25 Treasury Management Strategy be delegated to the Executive Director of Resources and Section 151 Officer in consultation with the Leader of the Council and the Cabinet Member for Finance.