Agenda item

MEDIUM TERM FINANCIAL STRATEGY & BUDGET (REVENUE & CAPITAL) 2023/24

Meeting of Council, Friday, 10th February, 2023 6.00 pm (Item 58.)

Report to follow

Minutes:

Consideration was given to the report of the Borough Treasurer

An amendment was proposed and seconded as follows

Amendment:

Medium Term FinancialStrategy &Budget (Revenue &Capital) 2023/24

That therecommendations to AgendaItem 9- MediumTerm Financial Strategy& Budget (Revenue & Capital) 2023/24 be amended as follows:-

Recommendation 2.2)be amendedto:

A General Fund Budget for 2023/24 of £11,741,800 as set out in Appendix A (Amended) and broken down in Appendix C (Amended) including the changes described below:

i) Reductionsto RevenueEstimates

SavingsProposal	Impacton Levelof Service& Service Outcomes	2023/24	2024/25 & Future Years
SavingsProposal	Impacton Levelof Service& Service Outcomes	£	£
Community& EnvironmentBoard
Ceasethe provisionof "Clean Up Initiatives" (including Community Skips Scheme)	Locally providedskips forwaste disposal will be unavailable to residents	123,750	123,750
Remove provision for Exhibitionsand Eventsat the Criterion	Planned exhibitionsand events will not take place	25,000	25,000

Policy& OrganisationBoard
Remove fundingfor Grants Panel	Funding tobe re-directedto Gosport VoluntaryAction to distribute	57,200	57,200
Reductionin Members Allowances Note: Members must have regard to the recommendations of the Independent RemunerationPanel's report considered by the Council on 20 July 2022	Removal ofthe following allowances: · ViceChairman P&O · Chairmanof ServiceBoards and Regulatory Board · Chairmanof Standards& Audit Sub-Board · Vice-Chairmenof ServiceBoards and Regulatory Board · Vice-ChairmanStandards &Audit Sub-Board	11,900	11,900

Total		217,850	217,850

Additionsto RevenueEstimates

Increasesto BoardEstimates	2023/24	2024/25 & Future Years
Increasesto BoardEstimates	£	£
Community& EnvironmentBoard
Reduce hours of operation of Beach Road Car Park to 10am to 6pm	25,000	25,000
Enhanceweed sprayingservice toinclude sprayand removal	20,000	20,000
CCTV	36,850	36,850

Policy& OrganisationBoard
Re-instatecontract withthe TouristInformation Centre	59,000	59,000
Re-instatefunding forGosport VoluntaryAction	77,000	77,000
Total	217,850	217,850

Recommendation 2.16 beamended to:-

TheCapital Programme2022/23 to2025/26 asset outin AppendixD (amended)is approved, including the changes described below:

i) Reductionsto theCapital Programme

SchemeDeletions /Reductions		SchemeCost £
Policy& OrganisationBoard
Reduce	CriterionBuilding -Acquisition &Refurbishment	950,000

Total		950,000

ii) Additionsto CapitalProgramme

SchemeAdditions /Increases		SchemeCost £
Community& EnvironmentBoard
Add	Pathwaylighting	172,500
Add	NobesAvenue Pavilion	350,000
Add	ManorWay Allotmentsand Rest Garden	91,000
Add	Stokes BayWar Memorial	72,000
Add	BrookersField Pavilion	75,000
Add	SeafrontGym Equipment	29,000
Add	DSOCemetery Team	25,000
Add	GrangeFarm DryBarn	150,000
Add	Heritage Repairsto Foreshore	10,000

Total		974,500

Recommendation 2.17) beamended to:

Thatthe PrudentialIndicators asset outin AppendixE (amended)are approved

Recommendation2.22

Thatthe Councildeclare theCriterion Buildingsurplus torequirements andseek todispose of the asset on the open market; the capital receipt generated to be used as follows:

i) to fund the shortfall of £24,500 between the cost of the new capital schemes and deletionof capitalschemes setout in theamended Recommendation2.16 (above)

ii) the remaining sum received from the capital receipt be used to reduce the amount of borrowing being used to finance the Capital Programme in general

For the amendment: Councillors Councillor Beavis, Burgess, Casey, Gledhill, Huggins, Jessop, Philpott, Scard (8)

Against the amendment: Councillor Ballard, M Bradley, K Bradley, Chegwyn, Cox, Cully, Durrant, Earle, Hammond, Herridge, Hylands, Johnston, Kelly, Marshall, Maynard, Pepper, Westerby, The Mayor (18)

RESOLVED: That the motion is not carried.

For the recommendation: Councillor Ballard, M Bradley, K Bradley, Chegwyn, Cox, Cully, Durrant, Earle, Hammond, Herridge, Hylands, Johnston, Kelly, Marshall, Maynard, Pepper, Westerby, The Mayor (18)

Against the recommendation: Councillor Beavis, Burgess, Casey, Gledhill, Huggins, Jessop, Philpott, Scard (8)

RESOLVED: That the Council approve

2.1 A Revised General Fund Budget for 2022/23 of £11,252,830 as set out in Appendix A;

2.2 A General Fund Budget for 2023/24 of £11,741,800 as set out in Appendix A and broken down in Appendix C;

2.3 Any variation arising from the final Local Government Finance Settlement be accommodated by a transfer to / from the Revenue Financing Reserve;

2.4 That the level of Council Tax be increased by 2.99% for 2023/24;

2.5 It be noted that the Borough Treasurer has determined that the Council Tax Base for the financial year 2023/24 will be 27,056.0 [item T in the formula in Section 31 B(1) of the Local Government Finance Act 1992, as amended (the “Act”)];

2.6 That the following amounts be now calculated by the Council for the financial year 2023/24 in accordance with Section 31 and Sections 34 to 36 of the Local Government Finance Act 1992:

(a)	£43,817,600	Being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(2) of the Act.
(b)	£37,109,060	Being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(3) of the Act.
(c)	£6,708,540	Being the amount by which the aggregate at 2.6 (a) above exceeds the aggregate at 2.6(b) above, calculated by the Council in accordance with Section 31A(4) of the Act as its Council Tax requirement for the year. (Item R in the formula in Section 31B(1) of the Act.
(d)	£247.95	Being the amount at 2.6 (c) above (Item R), all divided by Item 2.5 above (Item T), calculated by the Council, in accordance with Section 31B(1) of the Act, as the basic amount of its Council Tax for the year.

Supporting documents: