Agenda item

To consider the attached report which includes the Executive report and appendices for the Executive meeting on 13 February 2024

This item was introduced by the Executive Member for Resources who explained that very little had changed from the report presented to the January meeting of this Committee except that the funding settlement had realised an additional £135,000 for the authority.  He was grateful to the members of the MTFP Task & Finish group for their work and had taken into account all of their recommendations.

The Chief Finance Officer presented a funding chart detailing the expenditure budget for 2024/25 and the funding sources analysed across Revenue and Capital.  It was noted that Teignbridge only received around 8% of the Council Tax due to the specific restrictions placed on District Councils (it used to be 11%).  Members found the Chart very helpful.

A number of questions were raised and either answered at the time or a follow up response offered if the information was not readily available.

The chair thanked the Chief Finance Officer and his team for their work.

It was proposed by Councillor Cox, seconded by Councillor Buscombe and

RECOMMENDED

These proposals be considered, together with any subsequent consultation comments for approval by Council as the final budget for 2024/25 and the outline plan for the subsequent years 2025/26 and 2026/27.

The proposed budget includes:

• An increase in council tax of £5.70 or 2.99% to £196.41

• Maintaining 100% council tax support

• Continuing to react to the climate change emergency by maintaining ongoing revenue budgets for a climate change officer and associated spending, temporary staffing resources in revenue and provision in the capital programme, including ongoing provisions for corporate decarbonization schemes

• A £2 million provision for employment sites funded by borrowing

• Temporary funds for a Scrutiny Officer to assist Members with the Scrutiny function and working groups; other temporary resources including for facilitating the Modern 25 work

• Support for housing including the Teignbridge 100 whilst backing business and bringing people and organisations together for local neighbourhood planning

• Other central funding reductions – in particular provisional assumptions for business rates for future years and reset of the baseline

• Reserves at 12.7% of the net revenue budget or £2.4 million

• Infrastructure delivery plan investment funded by community infrastructure levy and external sources where available

• Continuation of grant funded South West Regional Monitoring Programme

• Town centre investment in infrastructure and employment

• Increasing revenue contributions to capital to £500,000 per annum

• Introduction of a blue badge car parking permit and associated staffing resources

• Councillors community fund set at £1,000

• Paying £1,000,000 off our pension deficit in 2024/25 to reduce ongoing contributions

• Maintaining existing voluntary grant contributions