Decision details

Cabinet considered the head of finance’s report, being the budget setting update report for 2024/25. 

The report set out the starting position for the council to set its 2024/25 budget.  There would be inflationary pressures but there was likely to be treasury income from high interest rates.  The government had published its draft settlement figure for the Vale at an increase of 3.81 per cent, although there was no clarity for later years.  This left uncertainty in compiling the medium term financial plan, which covered the next five years.  A revenue and capital budget challenge was underway, to analyse the draft figures in detail before Cabinet would be required to recommend its draft budget to Council in February 2024. 

Cabinet noted that the council would be limited to increasing its council tax by £5 per Band D property in 2024/25; any further increase would require a referendum.  As for business rates, the council could only retain a small proportion of the total collected, the remainder being retained by the government and distributed to other councils.  Members asked that the mechanics of business rates’ retention was more widely publicised. 

Members also asked that the council’s low cost per resident was more widely communicated.  The council was efficient in providing its services for low cost compared to some other councils. 

Members thanked the officer for his report. 

RESOLVED to note the budget setting report 2024/25.