Issue - decisions

5.1

The purpose of the Revenue Budget report is to:

• approve the City Council’s revenue budget for 2023/24, including the position on reserves and balances;

• approve a 2023/24 Council Tax for the City Council; and

• note the levies and precepts made on the City Council by other authorities.

The purpose of the Capital Strategy and Budget Book 2023-2053 is to provide a a snapshot of the City Council’s capital programme for the period 2023-2028, together with the background and context for our capital investment over this period.

5.2

RESOLVED UNANIMOUSLY: That the Strategy and Resources Policy Committee:-

1. As regards the Revenue Budget , approves for submission to the meeting of the City Council on 1st March 2023, the recommendations in the Revenue Budget report, as set out below:-

(i) To approve a net Revenue Budget for 2023/24 amounting to £500.762m;

(ii) To approve a Band D equivalent Council Tax of £1,840.69 for City Council services, i.e. an increase of 4.99% (2.99% City Council increase and 2% national arrangement for the social care precept);

(iii) To note that the Section 151 Officer has reviewed the robustness of the estimates and the adequacy of the proposed financial reserves, in accordance with Section 25 of the Local Government Act 2003. Further details can be found in Appendix 4 and within the Section 25 Statutory Statement on Sustainability of Budget and Level of Reserves from paragraph 2;

(iv) To note that, if overspends against the agreed budgets emerge, then Executive Directors and Directors will be required to develop and implement plans to mitigate fully any overspend, within 2023/24, in consultation with elected Members;

(v) To approve the savings as set out in Appendix 2;

(vi) To approve the revenue budget allocations for each of the services, as set out in Appendix 3a;

(vii) To note that, based on the estimated expenditure level set out in Appendix 3 to this report, the amounts shown in part B of Appendix 5 would be calculated by the City Council for the year 2023/24, in accordance with sections 30 to 36 of the Local Government Finance Act 1992;

(viii) To note the information on the precepts issued by the South Yorkshire Police & Crime Commissioner and of South Yorkshire Fire & Rescue Authority, together with the impact of these on the overall amount of Council Tax to be charged in the City Council’s area;

(ix) To note the precepts issued by local parish councils which add £660,954 to the calculation of the budget requirement in accordance with Sections 31 to 36 of the Local Government Finance Act 1992;

(x) To approve the Treasury Management and Annual Investment Strategies set out in Appendix 6 and the recommendations contained therein;

(xi) To approve the Minimum Revenue Provision (MRP) Policy set out in Appendix 6; which takes into account the revisions proposed for 2023/24 onwards;

(xii) To agree that authority be delegated to the Interim Director of Finance & Commercial Services to undertake Treasury Management activity, to create and amend appropriate Treasury Management Practice Statements and to report on the operation of Treasury Management activity on the terms set out in these documents;

(xii) To approve a Pay Policy for 2023/24 as set out in Appendix 7; and

(xiv) To (a) agree that the Members allowances scheme introduced in 2022/23 be implemented for 2023/24 and (b) note that the Independent Remuneration Panel will review the Scheme after the committee system has been in operation for 12 months, to make sure the scheme supports the new governance structure and the roles and responsibilities of elected members;

2. As regards the Capital Strategy, approves for submission to the meeting of the City Council on 1^st March 2023, the recommendations:-

(a) To approve the contents of the Capital Strategy and the specific projects included in the years 2023/24 to 2027/28; that block allocations are included within the programme for noting at this stage and detailed proposals will be brought back for separate Member approval as part of the monthly monitoring procedures; and

(b) To approve the proposed Capital Programme for the 5 years to 2027/28 as per Appendix C2 of the Capital Report.

5.3

Reasons for Decision

The City Council on 1 March 2023 meets to consider the Revenue Budget for 2023/24 and to determine the Council Tax for that year. The report provides information to enable the Council to set a budget and determine the Council Tax. The proposals set out in this report provide for a balanced budget to be recommended to Full Council.

5.4

Alternatives Considered and Rejected

A number of alternative courses of action are considered as part of the Business Planning process undertaken by Officers before options are recommended to individual policy committees. The recommendations made to Members represent what Officers believe to be the best options available to the Council, in line with Council priorities, given the constraints on funding and the use to which funding is put within the Revenue Budget and the Capital Programme.