Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

The Leader and Cabinet Portfolio Holder for Strategic and Borough-wide Leadership, Councillor Clarke presented the report of the Director – Finance and Corporate Services outlining the Council’s Budget and Financial Strategy for 2024/25.

The Leader informed Council that he had great pleasure in presenting the Budget and Financial Strategy for 2024/25 and thanked the Director of Finance and Corporate Services and the Finance Team for their hard work throughout the last year.  He stated that the financial position of the Council was strong and that the budget presented was legal, balanced and valid.  The Leader recognised that times remained challenging and went on to say that several councils nationally had already issued s114 notices, with many more warning that significant change was needed to avoid such a position.

The Leader advised Council that the budget presented resourced the delivery of the new Corporate Strategy as well as the statutory and discretionary services residents in the Borough valued, supported businesses and climate reduction projects as well as financing improvements to a number of leisure centres and play areas.  Despite this, Council Tax remained in the lowest quartile nationally presenting excellent value for money, and where increases in specific fees and charges had been made that was to directly cover increases in costs or to develop services. The Leader stated that it was a common misconception that Rushcliffe was a wealthy Borough with no social deprivation and informed Council of additional Government funding received recently to help tackle a growing homelessness problem in the Borough. 

The Leader informed Council that he had been lobbying the Government for a multi-year settlement, as had the Local Government Association (LGA) and the District Councils’ Network, to provide greater certainty and stability.  Efforts had also been extended to decide the future of the New Homes Bonus and complete the Fairer Funding Review; however, the Council had to work with what it currently had.

The Leader advised that external borrowing would only be contemplated when absolutely necessary, given the associated interest payments.  He referenced Rushcliffe Oaks, Bingham Arena and the Enterprise Centre as worthwhile investments the Council had recently made to benefit residentsand stated that this growth was funded through the Council’s prudent management of its income and reserves. It was noted that the budget presented for approval contained a Capital Investment portfolio worth £24.8m over the next five years.

In summing up the Leader informed Council of an additional £128k received from central Government recently, of which £100k had been allocated for climate change activities and £28k for additional support for victims of the recent flooding.  There was also a new requirement to produce a Productivity Plan that would be based on the Council’s existing Transformation and Efficiency Programme. The Leader went on to conclude that the budget as presented was robust, deliverable and affordable, despite the challenging environment in which the Council was operating and recommended all Councillors to vote for its adoption.

Councillor Virdi seconded the recommendation and reserved the right to speak.  ...  view the full minutes text for item 56