Decision details

To approve the Budget 2023/24 and Capital Programme for 2023/24 to 2027/28.

RESOLVED:

That Executive RECOMMEND to Council:

(i)               The latest Medium-Term Financial Plan forecast at Annex 1.

(ii)             An increase in Reigate & Banstead’s Band D Council Tax of £7.25 (2.99%) and a final tax base of £63,495.31 Band D equivalents;

(iii)           A Revenue budget requirement of £23.194 million for 2023/24, as set out in this report and at Annex 2, which reflects:

• Service budget growth proposals totalling £0.442 million, savings of (£0.828) million; additional income of (£1.186) million and forecast issues, risks and opportunities totalling £1.843 million;

• Central Revenue Budget net growth proposals totalling £2.379 million and forecast issues and risks totalling £0.564 million;

(iv)           The forecast for Revenue Reserves (Annex 3) and the recommended use of £0.977 million from Reserves in 2023/24 comprising:

·        £0.493 million from the IT Strategy Reserve to fund implementation of the approved IT Strategy; and

·        Up to £0.484 million from the Government Funding Risks Reserve, where necessary, to fund the forecast reduction in housing benefit subsidy;

(v)             A Capital Programme of £59.899 million for 2023/24 to 2027/28 as set out in this report and including net Capital Programme Growth Proposals of £7.672 million;

(vi)           The updated Fees & Charges Policy (Annex 7)

(vii)         The Chief Finance Officer’s report on the robustness of the Budget estimates and adequacy of Reserves.

The Executive AGREED to authorise:

(viii)       The Chief Finance Officer to make any necessary final technical adjustments to the Budget and Council Tax arising from final budget refinements or changes to Government funding.