Agenda and minutes
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Contact: Mike Bradbury Email: michael.bradbury@staffordshire.gov.uk
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Declarations of Interest in accordance with Standing Order 16 Additional documents: Minutes: There were no declarations of interest on this occasion. |
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Medium Term Financial Strategy 2024-2029 Leader of the Council and Cabinet Member for Finance and Resources Additional documents: Minutes:
Reasons for the Decision – To consider the Medium Term Financial Strategy (MTFS) for the period 2024 - 2029 and the draft budget for 2024/25.?
Decision - (a) That the updates to the financial plans, as set out in the report, be noted.
(b) That the comments of the Director of Finance on the adequacy of reserves and robustness of the budget be noted and that the County Council be asked to take note of these comments when considering the budget and council tax.
(c) That the recommendations of the Corporate Overview and Scrutiny Committee be noted and Cabinet’s responses to those recommendations be approved.
(d) That it be recommended to the County Council on 8th February 2024 that they consider and approve the following:
i. a net revenue budget of £666.671m for 2024/25;
ii.planning forecasts for 2025/26 to 2028/29 as set out in Appendix 11 to the report;
iii. a contingency provision of £15.000m for 2024/25;
iv. a net contribution to reserves of £4.552m for 2024/25;
v. a budget requirement of £671.223m for 2024/25;
vi. a council tax requirement of £459.123m for 2024/25;
vii. a council tax at Band D of £1,544.64 for 2024/25 which is an increase of 4.99% when compared with 2023/24;
viii. This results in council tax for each category of dwelling as set out in the table below:
ix. that the Director of Finance be authorised to sign precept notices on the billing authorities respectively liable for the total precept payable and that each notice states the total precept payable and the council tax in relation to each category of dwelling as calculated in accordance with statutory requirements;
x. the Financial Health Indicators set out in Appendix 10 to the report.
(e) That it be recommended to the County Council on 8th February 2024 that they consider and approve the following recommendations which are included within the Capital and Minimum Revenue Provision Strategy 2024/25, the Treasury Management Strategy 2024/25 and the Commercial Investment Strategy 2024/25 (Appendices 9a to 9c to the report):
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