Decision details

RESOLVED that Cabinet: -

(a)           acknowledges the further progress towards delivering a sustainable balanced budget for 2024/25;

(b)          endorses the updated MTFP position; and

(c)           approve the continuation of the current Local Council Tax Support Scheme (LCTSS) into 2024/25.

RECOMMENDED that Council: -

(d)           Further to Councils decision on 12 July 2022 to apply a council tax premium to second homes and an empty homes premium, to approve the formal determination as required by the Levelling Up and Regeneration Act 2023.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires councils to have a rolling multi-year medium term financial plan.

To present the further progress towards delivering a balanced budget for 2024/25 and the latest high-level overview of the medium-term financial plan.

To ensure a prudent approach to financial management based on traditional local government financial management processes.

To present ongoing progress against the Best Value Notice requirement to establish a sound budget setting process and begin preparation for the 2024/25 budget as soon as possible and draft a sustainable MTFP and three-year budget by the end of September 2023.

To present for Council consideration the formal determination in support of the previous decision to apply a council tax premium to second homes.