Decision details

The Local Government Finance Act 1972 required the Council to set a balanced, risk assessed budget each year and approve a Council Tax precept by 11 March.

Agreed that Cabinet:-

1.1         Note the key points from the Local Government Finance Settlement and the impact on the budget position for 2023/24

1.2         Note the feedback on the draft budget proposals from the Budget and Corporate Scrutiny Board at para 4.25

1.3         Note the feedback on the draft budget from business representatives at para 4.23 and 4.24

1.4         That the fees and charges increases for 2023/24, as set out at paragraph 4.29 and Appendix C be approved alongside the Charging Policy at Appendix D.

1.5         That the contract sum for Sandwell Children’s Trust of £74.475m plus £186k funding from Public Health be approved as set out at para 4.11

1.6         That the final General Fund budget position as set out at Appendix E be approved and recommended to Council

1.7         That the Housing Revenue Account budget for 2023/24 be approved as shown at Appendix E and recommended to Council

1.8         That the Council Tax precept for 2023/24 of £127,008,781, representing a 2.99% increase in Council Tax and a further 2% increase in the Adult Social Care precept be recommended to Council for approval

1.9         That the Director of Finance’s assurance statement on the robustness of the budget estimates and reserves at Appendix G position be noted

1.10     That the Capital Programme for the General Fund and HRA for 2023/24 and Capital Strategy be approved and recommended to Council as set out at Appendix H and I

1.11  That the Treasury Management Strategy and Prudential Indicators at Appendix J be recommended to Council for approval.

1.12  That the Director of Finance be given delegated authority to make transfers to or from reserves during the financial year to ensure that adequate reserves are maintained and adjusted when spend from earmarked reserves is required

1.13  That the Director of Finance be given delegated authority to adjust the funding sources applied to the Capital Programme during the year to maximise flexibility in use of capital resources and minimise borrowing costs where possible

1.14  That the Director of Finance be given delegated authority in consultation with the Cabinet Member for Finance and Resources to make minor amendments to the base budget to reflect any changes from the Local Government Finance Settlement if required

1.15  That Leadership Team prioritise the further development of the Transformation Savings Plan to ensure the Medium-Term Financial Strategy is balanced to 2025/26.