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 Medium Term Financial Strategy (MTFS)

(a) To agree and recommend to Council the MTFS and balanced 2023/24 budget, including the underlying FS principles, in-year monitoring position (to date) and the budget assumptions, as detailed in the report of the Corporate Director of Resources.

(b) To agree and recommend to Council the proposed 2023/24 net budgets by directorate.

(c) To agree and recommend to Council that centrally held demographic growth be allocated to service budgets in-year once a more evidenced assessment is available and has been approved by the Section 151 Officer.

(d) To note that the 2023/24 budget incorporates budget provision for manifesto commitments and provide additional support to residents in the current cost-of-living crisis.

(e) To agree and recommend to Council a one-off £1m Hardship Fund to support residents focussing on working households, with low incomes, who are facing large rent rises, for launch in advance of the 2023/24 financial year.

(f) To agree and recommend to Council the annual budget for the London Councils’ Grants Committee, following consideration by the London Councils’ Leaders’ Committee on 13 December 2022, and to note that this will reported to the Voluntary and Community Sector Committee on 20 March 2023 for information.

(g) To agree and recommend to Council the 2023/24 savings and note that individual savings may be subject to individual consultation before they can be implemented. Further, to note the draft savings proposals for 2024/25 and 2025/26.

(h) To note the funding assumptions following the announcement of the Provisional Local Government Settlement on 19 December 2022.

(i) To note 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 and to agree the amendment to the fees and charges schedule in respect of GLL activities and memberships.

(j) To agree and recommend to Council 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) To agree and recommend to Council that the Section 151 Officer is 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) To agree and recommend to Council the balanced HRA 2023/24 budget and note the latest estimates over the 3-year MTFS period.

(m) To agree and recommend to Council the 2023/24 savings and note that individual savings may be subject to individual consultation before they can be implemented.

(n) To note the HRA rents and other HRA fees and charges for 2023/24, as agreed by the Executive on 12 January 2023.

(o) To note that the HRA 30-year business plan was currently being updated to reflect latest government policy

Capital Investment and Treasury and Investment Management  

(p) To agree and recommend to Council the proposed 2023/24 to 2025/26 capital programme and note the indicative capital programme for 2026/27 to 2032/33.

(q) To note the estimated funding of the 2023/24 to 2025/26 capital programme and to delegate authority to the Section 151 Officer, where necessary, to apply capital resources to fund the capital programme in the most cost-effective way for the council.

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

(s) To agree and recommend to Council the Capital Strategy, Investment Strategy, Minimum Revenue Provision Policy Statement and Treasury Management Strategy.

Council Tax and Retained Business Rates  

(t) To agree and recommend to Council the calculations required for the determination of the 2023/24 council tax requirement and the level of council tax as detailed in the report and summarised below:

(i) The 2023/24 council tax requirement of £113,039,838.03

(ii) The relevant basic amount of Islington Band D council tax of £1,380.52, a 4.99% increase compared to 2022/23 (comprising 2% specifically for expenditure on adult social care and 2.99% for all expenditure), and that this is not ‘excessive’ in accordance with the council tax referendum principles for 2023/24.

(iii) The basic amount of Islington Band D council tax for dwellings to which no special item relates (i.e. outside of the Lloyd Square Garden Committee area) of £1,380.25.

(iv) The amount of 2023/24 council tax (excluding the GLA precept) for each valuation band over each of the council’s areas.

(v) The total amount of 2023/24 council tax (including the GLA precept) for each valuation band over each of the council’s areas.

(u) To note the council’s estimated retained business rates funding in 2023/24, as per the 2023/24 NNDR1 return estimate.

(v) To note the council’s forecast NNDR surplus/(deficit) for 2022/23.

Further Matters to Consider in Setting the Budget

(w) 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.

(x) To note the Monitoring Officer’s comments.

(y) To note the Equality Impact Assessment and to take full account of it in approving the overall budget and related proposals.

(z) To note the assessment of compliance against the CIPFA Financial Management Code and that this will be re-visited at least annually as part of the budget process, with any actions or recommendations implemented on an ongoing basis.

(a (a)) To note that the council invited business rate payers ,or representatives of business rate payers in Islington, to comment on the draft 2023/24 budget proposals in the report of the Corporate Director of Resources, as required under Section 65 of the Local Government Finance Act 1992.

(b (b)) To agree and recommend to Council the Annual Pay Policy Statement 2023/24.

(c (c)) To agree and recommend to Council the Retail Relief Scheme for 2023/24

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 for recommendation to Council

Other options considered – none

Conflicts of interest / dispensations granted – none