Agenda item

AGREED RECOMMENDATIONS

Reasons for the decision – as detailed in the report

Other options considered – none

Conflicts of interest / dispensations granted – none

RESOLVED:

The General Fund Budget 2023/24 and MTFS

(a) That Council be recommended to agree the latest assumed MTFS and balanced 2023/24 budget, including the underlying MTFS principles, in-year monitoring position (to date) and the budget assumptions, as detailed in the report of the Executive Member for Finance, Planning and Performance.

(b) That Council be recommended to approve the proposed 2023/24 net budgets by directorate.

(c) That Council be recommended to agree that centrally held demographic growth be allocated to service budgets once a more evidenced assessment was available and had been approved by the Section 151 Officer.

(d) That it be noted that the 2023/24 budget incorporated budget provision for manifesto commitments and provided additional support to residents in the current cost-of-living crisis.

(e) That a one-off £1m be approved for a Hardship Fund to support residents, focussing on working households, with low incomes, who faced large rent rises, for launch in advance of the 2023/24 financial year.

(f) That the annual budget for the London Councils’ Grants Committee, following consideration by London Councils’ Leaders’ Committee on 13 December 2022, be approved and that it be noted that this would be reported to the Voluntary and Community Sector Committee.

(g) That Council be recommended to approve the 2023/24 savings and note that individual savings may be subject to individual consultation before they can be implemented and that the draft savings proposals for 2024/25 and 2025/26 be noted.

(h) That the funding assumptions following the announcement of the Provisional Local Government Settlement on 19 December 2022 be noted.

(i)  That it be noted that the fees and charges policy and the General Fund fees and charges for 2023/24 had been agreed by Executive on 24 November 2022.

(j) That Council be recommended to approve the policy on General Fund contingency and reserves and agree the movements to/from earmarked reserves assumed as part of the 2023/24 revenue budget.

(k) That Council be recommended to agree that the Section 151 Officer be delegated responsibility for any technical adjustments required for the 2023/24 budget (in line with the Council’s financial regulations).

The HRA Budget and MTFS

(l) That Council be recommended to approve the balanced HRA 2023/24 budget and note the latest estimates over the 3-year MTFS period.

(m) That Council be recommended to approve the 2023/24 savings and note that individual savings may be subject to individual consultation before they can be implemented.

(n) That the HRA rents and other HRA fees and charges for 2023/24 be approved.

(o) That it be noted that the HRA 30-year business plan was currently being updated

to reflect latest government policy.

Capital Investment and Treasury and Investment Management

(p) That Council be recommended to approve the proposed 2023/24 to 2025/26 capital programme and note the latest indicative capital programme for 2026/27 to 2032/33.

(q) That the estimated funding of the 2023/24 to 2025/26 capital programme be noted and the Section 151 Officer be authorised, where necessary, to apply capital resources to fund the capital programme in the most cost-effective way for the Council.

(r) That the estimated borrowing levels for the General Fund and HRA in relation to the 2023/24 to 2025/26 capital programme be noted.

(s) That it be noted that the final version of the budget report to the Executive on 9 February 2023 and to Council on 2 March 2023 would include the Capital Strategy, Minimum Revenue Provision Policy Statement, Treasury Management Strategy and Investment Strategy.

Council Tax and Retained Business Rates

(t) That it be noted that the detailed, statutory Council tax calculation and the recommendations for the final 2023/24 Council tax, including the GLA precept, would be included for agreement in the final budget report to the Executive on 9 February 2023 and Council on 2 March 2023. 

(u) That the Section 151 Officer be authorised to finalise the Council’s 2023/24 NNDR1 (detailed business rates) estimate ahead of the 31 January 2023 statutory deadline.

Matters to consider in setting the Budget

(v)  That the following be noted:

·       The need to have regard to the Section 151 Officer’s report on the robustness of the estimates included in the budget and the adequacy of the proposed financial reserves when making decisions about the budget and the level of council tax, as required under Section 25(2) of the Local Government Act 2003.

·       The Monitoring Officer comments.

·       The Equality Impact Assessment and the need to take full account of it in approving the overall budget and related proposals.

·       The assessment of compliance against the CIPFA Financial Management Code and that this would be re-visited at least annually as part of the budget process, with any actions or recommendations implemented on an ongoing basis.

·       That the Council was inviting business rate payers or representatives of business rate payers in Islington, to comment on the draft 2023/24 budget proposals in the report, as required under Section 65 of the Local Government Finance Act 1992.

Reasons for the decision – to agree draft proposals in respect of the Council’s 2023/24 budget and level of council tax and the latest assumed medium term financial position.

Other options considered – none

Conflicts of interest / dispensations granted – none