Report of Executive Director (Finance and Resources) to follow

The Cabinet considered a report of the Executive Director (Finance and Resources) presenting the draft General Fund Revenue Budget and capital investment priorities for 2024/25.

Resolved:

1. That it be noted that a detailed Medium Term Financial Strategy for 2024/25 – 2028/29 will be available for consideration in February 2024 and the draft Medium Term Financial Forecast and estimated Earmarked Reserves Balances up to 2028/29 (Annexes 1 and 2 to Appendix 1 to the submitted report), be endorsed.

2. That the draft Section 151 Officer’s statement on the robustness of the proposed budget, the adequacy of the Council’s reserves and the Council’s Reserves Strategy (Appendix 2 to the report), be noted.

3. That the appropriation of the sums to earmarked reserves totalling £7.161M (Appendix 3 to the report), be endorsed.

4. That the appropriation of the sums from earmarked reserves totalling £1.863M (Appendix 3 to the report), be endorsed.

5. That a General Fund Budget Requirement for 2024/25 of £150.074M and Council Tax Requirement of £103.495M (Appendix 4 to the report) and any required commencement of consultation, statutory or otherwise, be endorsed.

6. That it be noted that the 2024/25 revenue budget has been prepared based on using £1.000M from accumulated Collection Fund surpluses to support the core budget and to allow for a smoothing of the budget gap.

7. That a Council Tax increase of 4.99% for the Southend-on-Sea element of the Council Tax for 2024/25, being 2.99% for general use and 2.00% for Adult Social Care, be endorsed.

8. That it be noted that the position of the Council’s preceptors is to be determined:

·       Essex Police – no indication of Council Tax position 

·       Essex Fire & Rescue Services – no indication of Council Tax position

·       Leigh-on-Sea Town Council – no indication of Council Tax position

9. That no Special Expenses be charged other than Leigh-on-Sea Town Council precept for 2024/25, be endorsed.

10. That the proposed General Fund revenue budget growth due to unavoidable cost pressures of £19.035M (Appendix 5 to the report), be endorsed.

11. That the proposed General Fund revenue budget savings and income generation initiatives for 2024/25 of £14.315M (Appendix 6 to the report), be endorsed.

12. That the proposed General Fund revenue overspend reduction initiatives for 2024/25 of £2.795M (Appendix 7 to the report), be endorsed.

13. That the proposed General Fund revenue cost avoidance initiatives for 2024/25 of £1.990M (Appendix 8 to the report), be endorsed.

14. That the Dedicated Schools Grant budget and its relevant distribution as recommended by the Education Board (Appendix 9 to the report), be endorsed.

15. That the Capital Investment Strategy for 2024/25 to 2028/29 (Appendix 10 to the report) and the Capital Investment Policy (Annex 1 to Appendix 10), be endorsed.

16. That the following be endorsed:

(i) new schemes and additions to the Capital Investment Programme for the period 2024/25 to 2028/29 totalling £6.6M for the General Fund (Appendix 11 to the report).

(ii) schemes subject to viable business cases that have been identified as  ...  view the full decision text for item 76

The Cabinet considered a report of the Executive Director (Finance and Resources) presenting the draft General Fund Revenue Budget and capital investment priorities for 2024/25.

Resolved:

1. That it be noted that a detailed Medium Term Financial Strategy for 2024/25 – 2028/29 will be available for consideration in February 2024 and the draft Medium Term Financial Forecast and estimated Earmarked Reserves Balances up to 2028/29 (Annexes 1 and 2 to Appendix 1 to the submitted report), be endorsed.

2. That the draft Section 151 Officer’s statement on the robustness of the proposed budget, the adequacy of the Council’s reserves and the Council’s Reserves Strategy (Appendix 2 to the report), be noted.

3. That the appropriation of the sums to earmarked reserves totalling £7.161M (Appendix 3 to the report), be endorsed.

4. That the appropriation of the sums from earmarked reserves totalling £1.863M (Appendix 3 to the report), be endorsed.

5. That a General Fund Budget Requirement for 2024/25 of £150.074M and Council Tax Requirement of £103.495M (Appendix 4 to the report) and any required commencement of consultation, statutory or otherwise, be endorsed.

6. That it be noted that the 2024/25 revenue budget has been prepared based on using £1.000M from accumulated Collection Fund surpluses to support the core budget and to allow for a smoothing of the budget gap.

7. That a Council Tax increase of 4.99% for the Southend-on-Sea element of the Council Tax for 2024/25, being 2.99% for general use and 2.00% for Adult Social Care, be endorsed.

8. That it be noted that the position of the Council’s preceptors is to be determined:

·       Essex Police – no indication of Council Tax position 

·       Essex Fire & Rescue Services – no indication of Council Tax position

·       Leigh-on-Sea Town Council – no indication of Council Tax position

9. That no Special Expenses be charged other than Leigh-on-Sea Town Council precept for 2024/25, be endorsed.

10. That the proposed General Fund revenue budget growth due to unavoidable cost pressures of £19.035M (Appendix 5 to the report), be endorsed.

11. That the proposed General Fund revenue budget savings and income generation initiatives for 2024/25 of £14.315M (Appendix 6 to the report), be endorsed.

12. That the proposed General Fund revenue overspend reduction initiatives for 2024/25 of £2.795M (Appendix 7 to the report), be endorsed.

13. That the proposed General Fund revenue cost avoidance initiatives for 2024/25 of £1.990M (Appendix 8 to the report), be endorsed.

14. That the Dedicated Schools Grant budget and its relevant distribution as recommended by the Education Board (Appendix 9 to the report), be endorsed.

15. That the Capital Investment Strategy for 2024/25 to 2028/29 (Appendix 10 to the report) and the Capital Investment Policy (Annex 1 to Appendix 10), be endorsed.

16. That the following be endorsed:

(i) new schemes and additions to the Capital Investment Programme for the period 2024/25 to 2028/29 totalling £6.6M for the General Fund (Appendix 11 to the report).

(ii) schemes subject to viable business cases that have been identified as  ...  view the full minutes text for item 76