Issue - meetings

A report from the Executive Director – Resources is attached.  (Key decision – reference number 5683)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, in respect of setting the Revenue Budget for 2024/25 and the Council’s Medium Term Financial Plan (MTFP) 2024/25 to 2028/29, and also setting the Council Tax levels for the 2024/25 financial year including the Greater London Authority (GLA) precept. The budget pressures being faced and the background to the proposed decisions were highlighted, and officers were thanked for all their hard work.

In response to Members’ queries, if was advised from early data that around 95% of councils were expecting to increase Council Tax by the maximum level of 4.99%.

DECISION:  The Cabinet :

I. Agreed to recommend to Council:

i. To agree to the budget set for 2024/25 and to agree the Medium Term Financial Plan, including:

a. A net revenue budget of £318.530m for 2024/25, an 11.01% increase when compared with 2023/24.

b. The pressures set out in Appendix 6 totalling £48.6m in 2024/25, which include:

• £11.4m for Demographic pressures within Adults and Children’s Social Care and SEN Transport to reflect growing demand in these areas.

• £17.2m of Inflation and pay award funding

• £7.7m for Homelessness pressures

• £2.4m increase in Capital Financing included within the pressures figure, with £11.9m is set aside for Capital Financing over the lifetime of the current MTFP.

c. full year effects of prior year savings and income totalling a positive value of £1.322m (due to reversal of one-off savings and reassessment of deliverability of savings previously agreed) set out in Appendix 7.

d. the new savings of £10.690m and income proposals of £5.878m in 2024/25 set out in Appendix 8.

e. increased Government funding of a net increase of £6.6m (£8.4m for social care in 2024/25, a £1.4m increase in Revenue Support Grant; less £3.2m reduction in other core Government grant funding (excluding business rates).

f. total business rates income for 2024/25 at £98.5m, an increase of £9.2m on 2023/24 and £164.1m for Council Tax, an increase of £17.2m.

g. the use of one-off funding sources, comprising of:

• £3.0m benefit from continuing to be a member of the 8 authority Business Rate pool, and

• £1.0m Collection Fund surplus. h. to note the gap remaining in the MTFP for 2025/26 of £30.267m; and of £85.995m for the period 2025/26 to 2028/29 and the actions being taken to address this challenging position.

II. Agreed to:

ii. With regard to the Revenue Budget for 2024/25 to recommend to Council to set the Council Tax Requirement for Enfield at £164.118m in 2024/25; and

iii. Recommend to Council to set the Council Tax at Band D for Enfield’s services for 2024/25 at £1,594.08, being a 2.99% general Council Tax increase (£1,360.37) and a 2.00% Adult Social Care Precept (£233.71). The total Enfield element represents an increase of £1.45 per week for a Band D property.

iv. Note, the Council will levy a Council Tax of £471.40 at Band D on behalf of the  ...  view the full minutes text for item 5