Decision Maker: Health and Housing
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
The Director of Resources and Deputy Chief Executive submitted a report seeking for Members to agree the draft revenue budget for 2024/25, for consideration at Special Policy and Finance Committee.
Members were reminded that a budget forecast was presented to the Policy and Finance Committee in September 2023. This forecast predicted budget gaps of £877k in 2024/25, £2.261m in 2025/26 and £2.740m in 2026/27, after allowing for the use of general fund balances. The biggest factors affecting our forecast then were:
- Threat of losing New Homes Bonus.
- Assumption that the ‘One-off Funding Guarantee’ was indeed a one-off for 2023/24. - What level interest rates and inflation would be over the life of the forecast.
The key updates to the September 2023 forecast were summarised as follows:
- The continuation of the ‘One-off Funding Guarantee’ where required
- The New Homes Bonus and the Rural Delivery Grant will both continue for 2024/25 - The Revenue Support Grant will increase in line with CPI with no negative RSG
- Business rates will not be reset and Business Rate Pooling will continue
- A council tax referendum principle of up to 3% or £5 for district councils
- Ribble Valley’s Core Spending Power is set to increase by 4.7%
The Director of Resources and Deputy Chief Executive highlighted some of the main variations to net expenditure for this Committee.
The total movement from the Original Estimate in 2023/34 to the Original Estimate 2024/25 was a decrease of £37,850, or and increase of £31,350 after movements to and from earmarked reserves.
RESOLVED THAT COMMITTEE:
Approve the revenue original estimate for 2024/25 and submit this to the Special Policy and Finance Committee.
Report author: Averil Crowther
Publication date: 01/02/2024
Date of decision: 18/01/2024
Decided at meeting: 18/01/2024 - Health and Housing