Agenda and decisions

Executive - Thursday 8th February, 2024 10.00 am

Venue: Council Chamber, Corby Cube, George Street, Corby, NN17 1QG

Contact: David Pope 

Items
No. Item

1.

Apologies for absence

2.

Minutes of the Meeting Held on 21st December 2023 pdf icon PDF 237 KB

3.

Members' Declarations of Interest

4.

Notifications of requests to address the meeting

5.

Corporate Scrutiny Committee - Budget Consultation Submission 2024/2025 pdf icon PDF 68 KB

Additional documents:

6.

General Fund Draft Budget 2024-25 and Medium-Term Financial Plan pdf icon PDF 584 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive endorsed the contents of the report and recommended the budget proposals on to Council for approval.  This includes:

 

a)   the 2024-25 revenue budget for approval and adoption as set out in this report, which sets:

                                                  

i.        a budget requirement of £763.773m including Dedicated Schools Grant of £388.440m resulting in a net revenue budget requirement of £375.333m as set out in Appendix A.

 

ii.       a total Council Tax requirement for the Council’s own purposes of £201.599m as contained in paragraph 5.25.

 

iii.      An average Band D Council Tax of £1,740.22 for North Northamptonshire Council, representing a 2.99% increase in the ‘core’ Council Tax and a further 2% for the Adult Social Care Precept, noting that a separate Council Tax Resolution Report will be presented to Council.

 

iv.     the detailed proposals of savings, pressures and income generation for 2024-25 as set out within the report and Appendix B.

 

v.       the provisional Dedicated Schools Grant budget of £388.440m for 2024-25, as detailed in Appendix C, and summarised in paragraphs 5.42 – 5.56.

 

vi.     the draft planned use of, contribution to, and movement in, reserves as identified in paragraph 5.57, section 9 and Appendix D of this report, subject to the final call on reserves as a result of the Final Financial Settlement or other changes.

 

vii.    the corporate budget requirements as set out in paragraph 8.1, including a contingency sum of £4.101m as set out in paragraph 8.2.

 

viii.   the Treasury Management Strategy for 2024-25 as set out in Appendix H, including the Authorised Borrowing Limit of £907m and to note a further update to the Strategy will be provided once the disaggregation of the former Northamptonshire County Council’s Balance Sheet has been finalised.

 

ix.     the recommended Flexible Use of Capital Receipts Strategy as set out in Section 10 and Appendix J.

 

x.       that Council delegate authority to the Executive Member for Finance and Transformation in consultation with the Executive Director of Finance and Performance (Section 151 Officer) to agree any necessary variations to the budget prior to 1st April 2024.

 

xi.     that Council delegate authority to the Executive Member for Finance and Transformation in consultation with the Executive Director of Finance and Performance (Section 151 Officer) to agree the use of the following reserves which will provide the flexibility to manage the overall budget during 2024-25.

 

         Transformation Reserve

         Public Health Reserve

         Waste Management Reserve

         Adult Social Care Reserve

         Budget Delivery Reserve

         Business Rates Retention Reserve

    General Risk Reserve

 

b)   the forecast financial position for 2025-26 to 2027-28, noting that this will be reviewed as further information becomes available and updated as part of the budget process for 2025-26 onwards.

 

 

That the Executive:

 

a)      noted that the financial position has been based on the Provisional Local Government Finance Settlement announced on 18th December 2023 together with any further announcements and updates to the forecast budget position as at the date of the publication of this  ...  view the full decision text for item 6.

7.

Housing Revenue Account (HRA) Draft Budget 2024-25 and Medium-Term Financial Plan Proposals pdf icon PDF 200 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive recommended to Full Council the following:-

 

a.    The draft 2024/25 Housing Revenue Account Budgets consisting of the Corby Neighbourhood Account and the Kettering Neighbourhood Account as set out in Appendix A.

 

b.    An increase in dwelling rents for 2024/25 of 7.7% which adheres to the Department for Levelling Up, Housing and Communities (DLUHC) formula on rents for social housing for both the Corby Neighbourhood Account and the Kettering Neighbourhood Account.

 

c.     The draft Housing Revenue Account Medium Term Financial Plan consisting of the Corby Neighbourhood Account and the Kettering Neighbourhood Account, for 2025/26 to 2028/29 as set out in Appendix B.

 

That the Executive

 

d.    Noted the forecast reserves for the Corby Neighbourhood Account and the Kettering Neighbourhood Account up to 2028/29 as set out in Appendix C.

 

 

Reason for Recommendations: To ensure that the Council complies with its Constitution in setting the budget for North Northamptonshire.

 

Alternative Options Considered: This HRA Budgets have been the subject to a formal budget consultation and comments from the consultation have been considered as part of this process.

 

8.

Capital Programme 2024-2028 pdf icon PDF 157 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

That the Executive recommended to Full Council:

 

a)    the General Fund Capital Programme 2024-28 and HRA Capital Programme 2024-28.

 

b)    that Council delegate authority to the Executive Member for Finance and Transformation in consultation with the Executive Director of Finance and Performance (Section 151 Officer) to agree any necessary variations to the capital budget prior to 1st April 2024.

 

 

That the Executive noted:

 

a)    the Development Pool 2024-28 and that schemes within the pool will be subject to further approval prior to inclusion in the programme.

 

Reason for Recommendations: To ensure that the Council complies with its Constitution and legislative requirements in setting the budget for North Northamptonshire Council for 2024-25.

 

Alternative Options Considered - any comments from the consultation have been considered as part of this process.