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Agenda item

Corporate Vision, Priorities Plan, Budget & Medium Term Financial Strategy 2024/25

(Report of the Leader of the Council, Finance and Governance)


Report of the Leader of the Council, Finance and Governance approved the recommended package of budget proposals (attached at Appendix 2) to enable the Council to agree the:


• General Fund (GF) Revenue Budget and Council Tax for 2024/25;

• Housing Revenue Account (HRA) Budget for 2024/25;

• 5 Year General Fund Capital Programme (2024/29);

• 5 Year HRA Capital Programme (2024/29);

• 3 Year General Fund Medium Term Financial Strategy (MTFS) (2024/27); and • 5 Year HRA Medium Term Financial Strategy (MTFS) (2024/29).



To comply with the requirement of the Council’s Treasury Management Policy in reporting to Council the proposed strategy for the forthcoming year and the Local Government Act 2003 with the reporting of the Prudential Indicators (attached at Appendix 3) and the requirement to prepare an annual Corporate Capital Strategy (Appendix A of the MTFS).



that Council approved




the proposed revisions to Service Revenue Budgets (Policy Changes) (Appendix E of the MTFS);




the sum of £27,070 be applied from Council Tax Collection Fund surpluses in reducing the Council Tax demand in 2024/25 (Table 16, Section 7.8 of the MTFS);




the sum of £1,151,630 be applied to Business Rates Collection Fund deficits in 2024/25 (Table 16, Section 7.8 of the MTFS);




 that on 14 December 2023, the Cabinet calculated the Council Tax Base 2024/25 for the whole Council area as 23,479 [Item T in the formula in Section 31B(3) of the Local Government Finance Act 1992, as amended (the "Act")];




that the Council Tax requirement for the Council’s own purposes for 2023/24 is £4,759,193 (Appendix F and Appendix H of the MTFS);




the following amounts as calculated for the year 2024/25 in accordance with Sections 31 to 36 of the Act:


a. £4,759,193 being the amount calculated by the Council in accordance with Section 31A(4) of the Act as its Council Tax requirement for the year (Item R in the formula in Section 31A(4) of the Act);


b. £202.70 being the amount at 6 (a) above (Item R), all divided by Item T (at 4 above), calculated by the Council, in accordance with Section 31B(1) of the Act, as the basic amount of its Council Tax for the year;




the Council Tax level for the Borough Council for 2024/25 of £202.70 (an increase of £5.81 (2.95%) on the 2023/24 level of £196.89) at Band D;




an aggregate Council Tax (comprising the respective demands of the Borough Council, Staffordshire County Council, Office of the Police and Crime Commissioner Staffordshire and Stoke-on-Trent and Staffordshire Fire and Rescue Authority) of £2,107.68 at Band D for 2024/25 be noted (£2,012.94 in 2023/24) (Appendix H of the MTFS);




the Council Tax levels at each band for 2024/25 (Appendix H of the MTFS);




the sum of £1,134,859 be transferred from General Fund Revenue Balances in 2024/25 (Appendix F of the MTFS);




the Summary General Fund Revenue Budget for 2024/25 (Appendix F of the MTFS);




the Provisional General Fund Budgets for 2025/26 to 2026/27, summarised at Appendix F of the MTFS, as the basis for future planning;




minimum level for balances of £500k to be held for each of the General Fund, Housing Revenue Account, General Capital Fund and Housing Capital Fund;




Cabinet be authorised to release funding from the General Contingency budget and that the release of funding for Specific Contingency items be Page 20 delegated to the Corporate Management Team in consultation with the Leader of the Council;




proposed HRA Expenditure level of £18,674,610 for 2024/25 (Appendix J of the MTFS);




rents for Council House Tenants for 2024/25 be set at an average of £107.50 (2023/24 £99.66), over a 49 week rent year (including a 7.7% increase in line with the Government’s updated Rent Standard for 2024/25);




rents for Council House Tenants due for 53 weeks in 2024/25 be collected over 49 weeks;




the HRA surplus of £1,053,800 be transferred to the Housing Revenue Account Balances in 2024/25 (Table 18, Section 8.8 of the MTFS);




the proposed 5 year General Fund Capital Programme of £6,120,580, as detailed in Appendix 1 to the MTFS;




the proposed 5 year Housing Capital Programme of £45,436,220, as detailed in Appendix 1 to the MTFS;




to delegate authority to Cabinet to approve/add new capital schemes to the capital programme where grant funding is received or there is no net additional cost to the Council;




the Treasury Management Strategy Statement, the Treasury Management Policy Statement, Minimum Revenue Provision Strategy and Annual Investment Statement 2024/25 (as detailed at Appendix 3);




the Prudential and Treasury Indicators and Limits for 2024/25 to 2026/27 contained within Appendix 3 to the MTFS;




the detailed criteria of the Investment Strategy 2024/25 contained in the Treasury Management Strategy; and




the Corporate Capital Strategy and associated Action Plan (as detailed at Appendix 1 of the MTFS).




(Moved on block by Councillor T Jay and seconded by Councillor S Smith)



Named Vote


Named vote takes place In accordance with Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014, the Council is required to take a recorded vote on decisions which approve the budget or set the council tax.





C Adams

R Claymore

J Harper

M Bailey

D Cook


C Bain

P Thurgood


B Clarke



T Clements



G Coates



A Cooper



S Daniels



C Dean



S Doyle



T Jay



J Jones



D Maycock



B Price



R Pritchard



L Smith



S Smith



M Summers



P Turner



J Wade



L Wood




Supporting documents: