Agenda item

To present draft Budget proposals and estimates for 2024/25 for both the General Fund and the Housing Revenue Account.

Purpose of report

To present the draft Budget proposals and estimates for 2024/25 for both the General Fund and the Housing Revenue Account.

Decision

That Cabinet:

1.    Had considered, and noted the budget proposals for 2024/2025 in respect of the General Fund (Revenue and Capital), and the Housing Revenue Account (Revenue and Capital).

2.    Approves a rent setting increase of 7.70% for 2024/2025.

3.    Proposed an increase for garage rents and service charges of 6.7%.

4.    Approves a consultation in accordance with the requirements of Section 65 of the Local Government Finance Act 1992 for the financial year 2024/2025.

Alternative options considered and rejected

The Council was legally required to set a balanced budget each financial year, therefore there had not been a ‘do nothing’ option.

Reasons for decision

The Council was legally required to set a balanced budget each year. The Budget Proposals would be further considered by Cabinet on 6 February 2024, and then go to Full Council for final approval on 29 February 2024.