Decision

The Cabinet has decided to endorse the General Fund Budget for the 2024/25 fiscal year, including a 2.99% increase in Band D Council Tax.

Analysis

outcome: The Cabinet resolved to endorse the budget proposals and recommendations to the Council, including an increase in Band D Council Tax by 2.99%, updates to budget items, and the creation of new financial reserves.

summary: The decision involves the endorsement of the General Fund Budget proposals for the 2024/25 fiscal year, including revenue and capital budgets, reserves, and a proposed Council Tax increase.

topline: The Cabinet has decided to endorse the General Fund Budget for the 2024/25 fiscal year, including a 2.99% increase in Band D Council Tax.

reason_contentious: The issue may be contentious due to the proposed increase in Council Tax, potential regulatory changes affecting budgets, and the impact on local stakeholders who may have differing views on fiscal policy and taxation.

affected_stakeholders: Local taxpayers, beneficiaries of council services, local government employees, and potentially local businesses.

contentiousness_score: 5

political_party_relevance: There is no direct mention of political parties or political influence in the decision, but budgetary decisions are often influenced by the political priorities of the ruling party in the council.

URL: https://baberghmidsuffolk.moderngov.co.uk/ieDecisionDetails.aspx?ID=1091

Decision Maker:

Outcome:

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: It was RESOLVED: -   1.1          That the General Fund Budget proposals for 2024/25 and four-year outlook set out in the report for both the revenue and capital budgets and the level of reserves be endorsed for recommendation to Council on 20 February 2024. 1.2          That the General Fund Budget for 2024/25 presented in this report assumes an increase in the Band D Council Tax of 2.99% for endorsement for recommendation to Council. 1.3          That three budget items were updated in the tabled papers for financing costs (see paragraph 5.10 of the report), costs arising from likely regulatory changes in accounting for loan impairments (paragraph 5.13 of the report) and final grant income figures from central government (paragraph 5.18 of the report) and endorsed to Council. 1.4          That the Cabinet considered options for balancing the budget for endorsement and recommendation to Council as set out in the tabled papers. 1.5          That the new income bands and contribution rates for the 100% Local Council Tax Reduction (Working Age) Scheme, as set out in 5.27 of the report, are endorsed for recommendation to Council. 1.6          That Cabinet endorses for recommendation to Council: a.  The options for balancing the budget as detailed in Table 3 of the tabled papers. b.  The creation of Expected Credit Loss Reserve of £937,850 as explained in paragraphs 3.4 to 3.12 in the tabled papers.  c.   The creation of a Financial Sustainability Reserve of £1,341,640 as proposed in paragraph 4.3 in the tabled papers.   REASON FOR DECISION To bring together all the relevant information to enable Cabinet Members to review, consider and comment upon the Council’s General Fund budget for endorsement and recommendation to Council.   Alternative Options Considered and Rejected: Setting a balanced budget is a statutory requirement: the budget figures presented in this report currently show a gap between forecast expenditure and income which needs to be resolved. Options for balancing the budget will be tabled at Cabinet for its consideration.   Any Declarations of Interests Declared: None   Any Dispensation Granted: None

Date of Decision: