Agenda item

To consider and approve the revised General Fund Budget and Capital Programme for 2022/23 and to consider and recommend to Council the General Fund Budget Estimates 2023/24 and the Medium Term Financial Strategy 2023/24 to 2027/28; the Council Tax levels for 2023/24; the Capital Programme 2023-2026, and the Treasury Management Strategy Statement, Capital Strategy and Annual Treasury Investment Strategy for 2023/24.

Members considered the Budget and Medium-Term Financial Strategy 2023/24 report presented by Councillor Boden.

Councillor Tierney said many of the public are unaware of how unusual a situation we have whereby financially, the Council is doing very well. Services have not been dramatically cut and we continue to deliver great services to local people, and it now appears in our council tax suggestion that we can even give some money back. This is uncommon and he commends it. He added that we could take a very risk-averse view as some councils have and deliver a massive council tax rise every year or cut services or just store money in reserves. Of course, we do need to be cautious and hold some back for resilience, but thanks to very good financial management we are seeing that we can do all those things, but the risk balance is just right so that we do not take money from people during this difficult economic time.

Councillor Boden pointed out one error in section 3(xi) of the recommendations on page 30 of the report, which should read Section 16, and not Section 15. 

Proposed by Councillor Boden, seconded by Councillor Count and Cabinet AGREED that:

(i)           The revised estimates for 2022/23 as set out in Section 7 and Appendix A showing an estimated surplus of £69,000 (transferred to the Budget Equalisation Reserve), be approved:

And to recommend to Council that:

(ii)          The General Fund revenue budget for 2023/24 as set out in Section 8 and Appendix A be approved

(iii)        The Medium-Term Financial Strategy as outlined in the report and Appendix B be adopted

(iv)        The Capital Programme and funding statement as set out in Appendix D be approved

(v)          The adoption of the additional Business Rates Relief measures as detailed in Section 6 using Discretionary Relief Powers be approved

(vi)        The expenses detailed in Section 11 be approved to be treated as general expenses for 2023/23

(vii)       The Port Health levy for 2023/24 be set as shown in Section 12

(viii)     The adoption of the Council Tax Support Fund proposals as detailed in paragraphs 3.16-12.22 of this report, using discretionary powers be approved

(ix)        The current working age Council Tax Support Scheme be adopted with effect from 1 April 2023 as set out in Section 14, with appropriate changes to the proscribed pensioner scheme as determined by regulations.

(x)          That subject to the relevant legislation being passed and as detailed in Section 15:

(a)  To agree to shorten the period that a 100% Council Tax premium on long term empty dwellings is payable from the current 2 years (empty) to 1 year from 1 April 2024.

(b)  To agree to implement the 100% Council Tax premium on all second homes from 1 April 2024 (if legislation passed by 31 March 2023)

(xi)        The Treasury Management Strategy Statement, Minimum Revenue Provision, Treasury Investment Strategy, Prudential and Treasury Indicators for 2023/24 and Capital Strategy 2023/23 as set out in Section 16 and Appendix E be approved

(xii)       The Band D Council Tax level for Fenland District Council Services for 2023/24 be set at £255.24, a decrease of 2% (£5.22) on the current year.