Decision

The decision maker has decided to endorse the General Fund Budget proposals for 2024/25, including a 2% Council Tax increase and the creation of an Expected Credit Loss Reserve.

Analysis

outcome: The budget proposals, tax increase, updated budget items, and the creation of a new reserve were endorsed for recommendation to the Council.

summary: The decision is regarding the endorsement of the General Fund Budget proposals for the fiscal year 2024/25, including revenue and capital estimates, movements in reserves, a 2% increase in Band D Council Tax, updates to budget items, and the creation of an Expected Credit Loss Reserve.

topline: The decision maker has decided to endorse the General Fund Budget proposals for 2024/25, including a 2% Council Tax increase and the creation of an Expected Credit Loss Reserve.

reason_contentious: The issue may be contentious due to the impact on taxpayers from the proposed 2% increase in Council Tax, changes to the Local Council Tax Reduction Scheme, and the allocation of funds which can affect various local services and stakeholders.

affected_stakeholders: Taxpayers, beneficiaries of the Local Council Tax Reduction Scheme, recipients of council services, and local government departments.

contentiousness_score: 5

political_party_relevance: There is no direct mention of political parties or political influence on the decision within the provided text.

URL: https://baberghmidsuffolk.moderngov.co.uk/ieDecisionDetails.aspx?ID=1087

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, comprising the revenue and capital estimates as well as the proposed movements in reserves, be endorsed for recommendation to Council on 22 February 2024. 1.2          That currently the General Fund Budget for 2024/25 presented in this report assumes a 2% increase in the Band D Council Tax and that this be endorsed for recommendation to Council. 1.3          That three budget items were updated in the tabled papers for financing costs (see paragraph 5.12), costs arising from likely regulatory changes in accounting for loan impairments (paragraph 5.14) and final grant income figures from central government (paragraph 5.19) and endorsed to Council. 1.4          That the new income bands and contribution rates for the 2024/25 100% Local Council Tax Reduction (Working Age) Scheme, as set out in 5.29, be endorsed for recommendation to Council. 1.5          That Cabinet endorsed for recommendation to Cabinet the creation of an Expected Credit Loss Reserve of £538k as explained in paragraphs 3.4 to 3.11 to be funded by using some of the 2024/25 forecast surplus in the revenue budget for this purpose.   REASON FOR DECISION To bring together all the relevant information to enable Cabinet Members to review, consider and comment upon the Councils General Fund budget for endorsement and recommendation to Council. Alternative Options Considered and Rejected: Setting a balanced budget is a statutory requirement, therefore no other options are appropriate in respect of this. Any Declarations of Interests Declared: None Any Dispensation Granted: None  

Date of Decision: