How the council raises and spends its money, including council tax and savings.
What councils do
Each council sets a budget every year: how much to spend on each service and how much council tax to charge. Council tax pays for about a third; most of the rest is a grant from the Welsh Government and business rates.
Who decides
The Cabinet proposes the budget, usually in the winter, and the full Council agrees it and sets council tax by early March. Scrutiny committees examine the plans first.
Having a say
Most councils run a budget consultation in the autumn or early winter. Your councillors vote on the final budget, so tell them what matters to you.
In numbers
Council tax collected: 95% across Wales (2025-26).
Council tax unpaid at the end of the year: £119 million across Wales (2025-26).
Council tax still owed from earlier years: £199.3 million across Wales (2025-26).
Council tax written off: £9 million across Wales (2025-26).
RESOLVED: that
1) the funding approach be approved to enable the preparation of RIBA Stage 2 designs required to make an application for grant funding towards the Phase 2 works at City Hall as set out at Confidential Appendix 2.
2) the proposed approach to addressing the maintenance back-log at City Hall as set out in this report and at Confidential Appendix 3 be noted and the proposed procurement strategy for the Phase 2 works be approved with the appointment of contractors and it be noted that the approval of budgets will be considered at a future Cabinet meeting once a decision is taken on the Full Business Case for the Council’s core office strategy.
3) the final phase of spend to complete the Full Business Case on the core office strategy be approved as set out at Confidential Appendix 6.
4) the procurement of the Phase 2 works as set out at Confidential Appendix 3 be authorized subject to a successful grant application as set out at Confidential Appendix 2 with the appointment of the preferred bidder subject to a further Cabinet report.
RESOLVED: Council AGREED to:
1.
Confirm that the decision to agree the Pay Policy Statement constitutes agreement to implement the cost of living pay increases determined by the relevant negotiating body effective from 1st April 2024, as accounted for in the Budget set and agreed by Council on 7th March 2024;
2.
Determine that any additional financial implications arising from the national pay agreements determined after this date that cannot be met within the Council’s Revenue Budget will be referred to Council for consideration and decision;
3.
Approve the attached Pay Policy Statement (2024/25) at Appendix 1.
RESOLVED – That:
(1) the Treasury Management Strategy for 2024/25 be noted;
(2) Officers to arrange a further Member Briefing Session on Treasury Management.
RESOLVED: that Council be recommended to
1. confirm that the decision to agree the Pay Policy Statement constitutes agreement to implement the cost of living pay increases determined by the relevant negotiating body effective from 1st April 2024, as accounted for in the Budget set and agreed by Council on 7th March 2024.
2. determine that any additional financial implications arising from the national pay agreements determined after this date that cannot be met within the Council’s Revenue Budget will be referred to Council for consideration and decision.
3. approve the attached Pay Policy Statement (2024/25) Appendix 1.
RESOLVED: Council AGREED to:
1
Approve the Revenue, Capital and Housing Revenue Account budgets including all associated proposals and assumptions as set out in this report and increasing the Council Tax by 6.0% and that the Council resolve the following terms;
2
Note that at its meeting on 14 December 2023 Cabinet calculated the following amounts for the year 2024/25 in accordance with the regulations made under Section 33(5) of the Local Government Finance Act 1992:
a)
151,372 being the amount calculated in accordance with Regulation 3 of the Local Authorities (Calculation of Council Tax Base) (Wales) Regulations 1995, as amended, as its Council Tax base for the year.
Lisvane
3,068
Pentyrch
3,709
Radyr
4,090
St Fagans
2,006
Old St Mellons
2,512
Tongwynlais
830
being the amounts calculated in accordance with Regulation 6 of the Regulations as the amounts of its Council Tax base for the year for dwellings in those parts of its area to which special items relate.
2.1
Agree that the following amounts be now calculated by the County Council of the City and County of Cardiff for the year 2024/25 in accordance with Sections 32 to 36 of the Local Government Finance Act 1992:-
a)
Aggregate of the amounts which the Council estimates for the items set out in Section 32(2)(a) to (d) (including Community Council precepts totalling £568,735):
£1,326,949,735
b)
Aggregate of the amounts which the Council estimates for items set out in Section 32(3)(a) and (c):
£480,997,000
c)
Amount by which the aggregate at 2.1(a) above exceeds the aggregate at 2.1(b) above calculated in accordance with Section 32(4) as the budget requirement for the year:
£845,952,735
d)
Aggregate of the sums which the Council estimates will be payable for the year into its Council Fund in respect of Revenue Support Grant, its council tax reduction scheme, redistributed Non-Domestic Rates:
£623,157,566
e)
The amount at 2.1(c) above less the amount at 2.1(d) (net of the amount for discretionary relief of £400,000), all divided by the amount at 2.0(a) above, calculated in accordance with Section 33(1) as the basic amount of Council Tax for the year:
£1,474.48
f)
Aggregate amount of all special items referred to in Section 34(1):
£568,735
g)
Amount at 2.1(e) above less the result given by dividing the amount at 2.1(f) above by the amount at 2.0(a) above, in accordance with Section 34(2) of the Act, as the basic amount of Council Tax for the year for dwellings in those parts of the area to which no special items relate:
£1,470.72
h)
The amounts given by adding to the amount at 2.1(g) above the amounts of special items relating to dwellings in those parts of the Council's area mentioned below, divided in each case by the amount at 2.0(b) above, calculated in accordance with Section 34(3) as the basic amounts of Council Tax for the year for dwellings in those parts of the area to which special items relate.
Lisvane
1,494.35
Pentyrch
1,523.32
Radyr & Morganstown
1,511.13
St Fagans
1,496.49
St Mellons
1,492.72
Tongwynlais
1,505.54
I)
The amounts given by multiplying the amounts at 2.1(g) and 2.1(h) above by the number which in the proportion set out in the Council Tax (Valuation Bands) (Wales) Order 2003 is applicable to dwellings listed in a particular valuation band divided by the number which in that proportion is applicable to dwellings listed in valuation band D calculated in accordance with Section 36(1) of the Act as the amounts to be taken into account for the year in respect of categories of dwellings listed in different valuation bands.
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
Area
Lisvane
996.23
1,162.27
1,328.31
1,494.35
1,826.43
2,158.50
2,490.58
2,988.70
3,486.82
Pentyrch
1,015.55
1,184.80
1,354.07
1,523.32
1,861.84
2,200.35
2,538.87
3,046.64
3,554.41
Radyr
1,007.42
1,175.32
1,343.23
1,511.13
1,846.94
2,182.74
2,518.55
3,022.26
3,525.97
St. Fagans
997.66
1,163.93
1,330.22
1,496.49
1,829.05
2,161.59
2,494.15
2,992.98
3,491.81
Old St. Mellons
995.15
1,161.00
1,326.87
1,492.72
1,824.44
2,156.15
2,487.87
2,985.44
3,483.01
Tongwynlais
1,003.69
1,170.97
1,338.26
1,505.54
1,840.11
2,174.67
2,509.23
3,011.08
3,512.93
All other parts of the Council’s Area
980.48
1,143.89
1,307.31
1,470.72
1,797.55
2,124.37
2,451.20
2,941.44
3,431.68
2.2
Note that for the year 2024/25, the Police and Crime Commissioner for South Wales has stated the following amounts in precepts issued to the Council, in accordance with Section 40 of the Local Government Finance Act 1992 for each of the categories of dwelling shown below:-
VALUATION BANDS
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
235.11
274.30
313.48
352.67
431.04
509.41
587.78
705.34
822.90
2.3
Having calculated the aggregate in each case of the amounts at 2.1(i) and 2.2 above, the County Council of the City and County of Cardiff in accordance with Section 30(2) of the Local Government Finance Act 1992 hereby sets the following amounts as the amounts of Council Tax for the year 2024/25 for each of the categories of dwellings shown below:-
Part of Council’s Area
VALUATION BANDS
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
Area
Lisvane
1,231.34
1,436.57
1,641.79
1,847.02
2,257.47
2,667.91
3,078.36
3,694.04
4,309.72
Pentyrch
1,250.66
1,459.10
1,667.55
1,875.99
2,292.88
2,709.76
3,126.65
3,751.98
4,377.31
Radyr
1,242.53
1,449.62
1,656.71
1,863.80
2,277.98
2,692.15
3,106.33
3,727.60
4,348.87
St. Fagans
1,232.77
1,438.23
1,643.70
1,849.16
2,260.09
2,671.00
3,081.93
3,698.32
4,314.71
Old St. Mellons
1,230.26
1,435.30
1,640.35
1,845.39
2,255.48
2,665.56
3,075.65
3,690.78
4,305.91
Tongwynlais
1,238.80
1,445.27
1,651.74
1,858.21
2,271.15
2,684.08
3,097.01
3,716.42
4,335.83
All other parts of the Council’s
Area
1,215.59
1,418.19
1,620.79
1,823.39
2,228.59
2,633.78
3,038.98
3,646.78
4,254.58
2.4
Authorise the Corporate Director Resources to make payments under Section 38 of the Local Government (Wales) Act 1994 from the Council Fund by equal instalments on the last working day of each month from April 2024 to March 2025 in respect of the precept levied by the Police and Crime Commissioner for South Wales in the sum of £53,384,363;
2.5
Agree that the Common Seal be affixed to the said Council Tax;
2.6
Agree that the Common Seal be affixed to precepts for Port Health Expenses for the period 1 April 2024 to 31 March 2025, namely:
County Council of the City and County of Cardiff £155,460
Vale of Glamorgan County Borough Council £17,620
2.7
Agree that notices of the making of the said Council Taxes signed by the Chief Executive be given by advertisement in the local press under Section 38(2) of the Local Government Finance Act 1992;
3
In accordance with the Local Government Act 2003, the Local Authority (Capital Finance and Accounting) (Wales) Regulations 2003 and subsequent amendments and the CIPFA Prudential Code and Treasury Management Codes of Practice:
(a)
Approve the Capital Strategy 2024/25
(b)
Approve the Treasury Management Strategy 2024/25 and authorise the Section 151 Officer to raise such funds as may be required to finance capital expenditure by temporary or long-term borrowing
(c)
Approve the Prudential Indicators for 2024/25 – 2028/29 including the affordable borrowing limit
(d)
Delegate to the Section 151 Officer the ability to effect movement between the limits for borrowing and long-term liabilities, within the limit for any year, and to bring forward or delay schemes in the Capital Programme
(e)
Approve the Minimum Revenue Provision Policy for 2024/25
4
To approve the Budgetary Framework outlined in this report;
5
To maintain the current Council Tax Reduction Scheme as set out in this report.
RESOLVED: Council AGREED to:
Increase the premium charge of 100% on long-term empty dwellings to 200% for dwellings that have been unoccupied and substantially unfurnished for more than 24 months, and to 300% for dwellings that have been unoccupied and substantially unfurnished for more than 36 months, with effect from 1st April 2024.
RESOLVED: that having taken account of the comments of the Section 151 Officer in respect of the robustness of the budget and the adequacy of the reserves as required under Section 25 of the Local Government Act 2003, and having considered the responses to the Budget Consultation Council be recommended to:
1.0 Approve the Revenue, Capital and Housing Revenue Account budgets including all associated proposals and assumptions as set out in this report and increasing the Council Tax by 6.0% and that the Council resolve the following terms.
2.0 Note that at its meeting on 14 December 2023 Cabinet calculated the following amounts for the year 2024/25 in accordance with the regulations made under Section 33(5) of the Local Government Finance Act 1992:
a) 151,372 being the amount calculated in accordance with Regulation 3 of the Local Authorities (Calculation of Council Tax Base) (Wales) Regulations 1995, as amended, as its Council Tax base for the year.
Lisvane
3,068
Pentyrch
3,709
Radyr
4,090
St. Fagans
2,006
Old St. Mellons
2,512
Tongwynlais
830
being the amounts calculated in accordance with Regulation 6 of the Regulations as the amounts of its Council Tax base for the year for dwellings in those parts of its area to which special items relate.
2.1 Agree that the following amounts be now calculated by the County Council of the City and County of Cardiff for the year 2024/25 in accordance with Sections 32 to 36 of the Local Government Finance Act 1992:-
a) Aggregate of the amounts which the Council estimates for the items set out in Section 32(2)(a) to (d) (including Community Council precepts totalling £568,735). £1,326,949,735
b) Aggregate of the amounts which the Council estimates for items set out in Section 32(3)(a) and (c).
£480,997,000
c) Amount by which the aggregate at 2.1(a) above exceeds the aggregate at 2.1(b) above calculated in accordance with Section 32(4) as the budget requirement for the year. £845,952,735
d) Aggregate of the sums which the Council estimates will be payable for the year into its Council Fund in respect of Revenue Support Grant, its council tax reduction scheme, redistributed Non-Domestic Rates.
£623,157,566
e) The amount at 2.1(c) above less the amount at 2.1(d) (net of the amount for discretionary relief of £400,000), all divided by the amount at 2.0(a) above, calculated in accordance with Section 33(1) as the basic amount of Council Tax for the year.
£1,474.48
f) Aggregate amount of all special items referred to in Section 34(1).
£568,735
g) Amount at 2.1(e) above less the result given by dividing the amount at 2.1(f) above by the amount at 2.0(a) above, in accordance with Section 34(2) of the Act, as the basic amount of Council Tax for the year for dwellings in those parts of the area to which no special items relate.
£1,470.72
h) The amounts given by adding to the amount at 2.1(g) above the amounts of special items relating to dwellings in those parts of the Council's area mentioned below, divided in each case by the amount at 2.0(b) above, calculated in accordance with Section 34(3) as the basic amounts of Council Tax for the year for dwellings in those parts of the area to which special items relate.
Lisvane 1,494.35
Pentyrch 1,523.32
Radyr & Morganstown 1,511.13
St Fagans 1,496.49
St Mellons 1,492.72
Tongwynlais 1,505.54
i) The amounts given by multiplying the amounts at 2.1(g) and 2.1(h) above by the number which in the proportion set out in the Council Tax (Valuation Bands) (Wales) Order 2003 is applicable to dwellings listed in a particular valuation band divided by the number which in that proportion is applicable to dwellings listed in valuation band D calculated in accordance with Section 36(1) of the Act as the amounts to be taken into account for the year in respect of categories of dwellings listed in different valuation bands.
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
Area
Lisvane
996.23
1,162.27
1,328.31
1,494.35
1,826.43
2,158.50
2,490.58
2,988.70
3,486.82
Pentyrch
1,015.55
1,184.80
1,354.07
1,523.32
1,861.84
2,200.35
2,538.87
3,046.64
3,554.41
Radyr
1,007.42
1,175.32
1,343.23
1,511.13
1,846.94
2,182.74
2,518.55
3,022.26
3,525.97
St. Fagans
997.66
1,163.93
1,330.22
1,496.49
1,829.05
2,161.59
2,494.15
2,992.98
3,491.81
Old St. Mellons
995.15
1,161.00
1,326.87
1,492.72
1,824.44
2,156.15
2,487.87
2,985.44
3,483.01
Tongwynlais
1,003.69
1,170.97
1,338.26
1,505.54
1,840.11
2,174.67
2,509.23
3,011.08
3,512.93
All other parts of the Council’s Area
980.48
1,143.89
1,307.31
1,470.72
1,797.55
2,124.37
2,451.20
2,941.44
3,431.68
2.2 Note that for the year 2024/25, the Police and Crime Commissioner for South Wales has stated the following amounts in precepts issued to the Council, in accordance with Section 40 of the Local Government Finance Act 1992 for each of the categories of dwelling shown below:-
VALUATION BANDS
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
235.11
274.30
313.48
352.67
431.04
509.41
587.78
705.34
822.90
2.3 Having calculated the aggregate in each case of the amounts at 2.1(i) and 2.2 above, the County Council of the City and County of Cardiff in accordance with Section 30(2) of the Local Government Finance Act 1992 hereby sets the following amounts as the amounts of Council Tax for the year 2024/25 for each of the categories of dwellings shown below:-
Part of Council's Area
VALUATION BANDS
A
B
C
D
E
F
G
H
I
£
£
£
£
£
£
£
£
£
Area
Lisvane
1,231.34
1,436.57
1,641.79
1,847.02
2,257.47
2,667.91
3,078.36
3,694.04
4,309.72
Pentyrch
1,250.66
1,459.10
1,667.55
1,875.99
2,292.88
2,709.76
3,126.65
3,751.98
4,377.31
Radyr
1,242.53
1,449.62
1,656.71
1,863.80
2,277.98
2,692.15
3,106.33
3,727.60
4,348.87
St. Fagans
1,232.77
1,438.23
1,643.70
1,849.16
2,260.09
2,671.00
3,081.93
3,698.32
4,314.71
Old St. Mellons
1,230.26
1,435.30
1,640.35
1,845.39
2,255.48
2,665.56
3,075.65
3,690.78
4,305.91
Tongwynlais
1,238.80
1,445.27
1,651.74
1,858.21
2,271.15
2,684.08
3,097.01
3,716.42
4,335.83
All other parts of the Council’s
Area
1,215.59
1,418.19
1,620.79
1,823.39
2,228.59
2,633.78
3,038.98
3,646.78
4,254.58
2.4 Authorise the Corporate Director Resources to make payments under Section 38 of the Local Government (Wales) Act 1994 from the Council Fund by equal instalments on the last working day of each month from April 2024 to March 2025 in respect of the precept levied by the Police and Crime Commissioner for South Wales in the sum of £53,384,363.
2.5 Agree that the Common Seal be affixed to the said Council Tax.
2.6 Agree that the Common Seal be affixed to precepts for Port Health Expenses for the period 1 April 2024 to 31 March 2025 namely
£
County Council of the City and County of Cardiff
155,460
Vale of Glamorgan County Borough Council
17,620
2.7 Agree that notices of the making of the said Council Taxes signed by the Chief Executive be given by advertisement in the local press under Section 38(2) of the Local Government Finance Act 1992.
3.0 In accordance with the Local Government Act 2003, the Local Authority (Capital Finance and Accounting) (Wales) Regulations 2003 and subsequent amendments and the CIPFA Prudential Code and Treasury Management Codes of Practice:
(a) Approve the Capital Strategy 2024/25.
(b) Approve the Treasury Management Strategy 2024/25 and authorise the Section 151 Officer to raise such funds as may be required to finance capital expenditure by temporary or long-term borrowing.
(c) Approve the Prudential Indicators for 2024/25 – 2028/29 including the affordable borrowing limit.
(d) Delegate to the Section 151 Officer the ability to effect movement between the limits for borrowing and long-term liabilities, within the limit for any year, and to bring forward or delay schemes in the Capital Programme.
(e) Approve the Minimum Revenue Provision Policy for 2024/25.
4.0 To approve the Budgetary Framework outlined in this report.
5.0 To maintain the current Council Tax Reduction Scheme as set out in this report.
The Cabinet, having taken account of the comments of the Section 151 Officer in respect of the robustness of the budget and the adequacy of the reserves as required under Section 25 of the Local Government, Act and having considered the responses to the Budget Consultation is recommended to:
6.0 the changes to fees and charges as set out in Appendix 4 (a) and 4 (b) to this report be approved.
7.0 authority be delegated to the appropriate Director in consultation with the appropriate Cabinet Member, the Section 151 Officer and the Cabinet Member for Finance, Modernisation & Performance, to amend or introduce new fees and charges during the year, subject if necessary (having regard to the proposed change), to an Equality Impact Assessment and public consultation being undertaken and the results thereof being duly considered before the delegated authority is exercised.
8.0 the financial challenges facing the Council as set out in the Medium-Term Financial Plan be recognised.
9.0 in the event that final settlement differs from Provisional Settlement (as set out in paragraph 35 of the report), there will be a proportionate adjustment to or from earmarked reserves, and that the Section 151 Officer be authorised to prepare an addendum to the 2024/25 Budget to reflect the requisite changes.
AGREED: that
1. the revenue financial outturn based on the projected position at Month 9 2023/24 be noted.
2. the capital spend and projected position at Month 9 2023/24 be noted.
RESOLVED: that
Council be recommended to agree that, with effect from 1st April 2024, the premium charge of 100% on long-term empty dwellings is increased to 200% for dwellings that have been unoccupied and substantially unfurnished for more than 24 months, and to 300% for dwellings that have been unoccupied and substantially unfurnished for more than 36 months.
AGREED: that the Chairperson, on behalf of the Committee, writes to the Cabinet Member conveying the observations of the Committee when discussing the way forward.
AGREED: that the Chairperson, on behalf of the Committee, writes to the Cabinet Member conveying the observations and recommendations of the Committee when discussing the way forward.
AGREED: that the Chairperson, on behalf of the Committee, writes to the Cabinet Members conveying the observations of the Committee when discussing the way forward.
RESOLVED:
That the Chairperson writes to the Cabinet Member on behalf of the Committee expressing their comments and observations captured during the way forward.
AGREED: that the Chairperson, on behalf of the Committee, writes to the Cabinet Member conveying the observations and recommendations of the Committee when discussing the way forward.
RESOLVED: to
(a) Note the current position of the General Reserve balance and the proposed Medium Term Financial Plan.
(b) Note that a potential annual or in year increase to Local Authority contributions may be required moving forward upon approval from S151 Officers.
RESOLVED: that
1) the findings of the review of care home placements for older people be noted.
2) work being done to improve to quality assurance for care homes for older people be noted.
3) the approach to fee setting for older people’s care home placements for 2024-25 and other services commissioned by Adult Services be agreed, subject to further consultation with care providers and confirmation of the financial allocation through the budget setting process. The related decision-making authority in respect of the annual uplifts for care and support and the new standard cost of care rates for placements in care home for older people for 2024/25 be delegated to the Director of Adults, Housing and Communities in consultation with the Cabinet Member for Social Services (Adults) the Section 151 Officer and the Monitoring Officer.
4) the approach for the future commissioning of care home placements for older people, including a combination of approved provider and framework arrangements be agreed and the decision-making authority regarding any related procurement of services be delegated to the Director of Adults, Housing and Communities in consultation with the Cabinet Member for Social Services (Adults) the Section 151 Officer and the Director of Law and Governance.
RESOLVED: that
(1) the calculation of the Council’s tax base for the year 2024/25 be approved.
(2) pursuant to this report and in accordance with the Local Authorities (Calculation of Tax Base) (Wales) Regulations 1995, as amended, the amount calculated by Cardiff Council as its Council Tax Base for the year 2024/25 shall be 151,372.
(3) pursuant to this report and in accordance with the Local Authorities (Calculation of Tax Base) (Wales) Regulations 1995, as amended, the amounts calculated by the Council as the Council Tax Base for the year 2024/25 in the community areas subject to a precept shall be as follows:
Lisvane
3,068
Pentyrch
3,709
Radyr
4,090
St. Fagans
2,006
Old St. Mellons
2,512
Tongwynlais
830
(4) the arrangements for the payment of precepts in 2024/25 to the Police and Crime Commissioner for South Wales be by equal instalments on the last working day of each month from April 2024 to March 2025; and to the Community Councils, be by one payment on the first working day of April 2024, reflecting the same basis as that used in 2023/24; and the precepting authorities be advised accordingly.
RESOLVED: that
1. a consultation process on the proposed policy changes outlined in paragraphs 34, 39 and 40 of the report, including the consideration of intentionality in making homeless decisions, the removal of areas of choice for homeless applicants on the Common Housing Waiting List and offering private rented accommodation outside the city, in neighbouring local authority areas be undertaken.
2. final approval on implementing the changes under recommendation (i) above be delegated to the Corporate Director People and Communities in consultation with the Cabinet Member, Housing and Communities, following a full impact assessment and consultation with stakeholders.
3. in principle the acquisition of the property identified in Appendix 1and the direct award of a new contract for the meanwhile modular delivery of temporary accommodation across the sites identified in Appendix 2 be noted and approved.
4. final approval of the acquisition of properties and direct award of the contract to Wates set out in recommendation (iii) above and any ancillary matters relating to it be delegated to the Corporate Director, People & Communities in consultation with the S.151 Officer, Legal Services and the Cabinet members for Housing & Communities and Finance, Modernisation and Performance subject to:
· Approval of appropriate grant funding being secured from Welsh Government,
· Agreement of Head of Terms for the proposed lease arrangements with Welsh Government and Cardiff & Vale Health Board for the sites identified in Appendix 2 and in relation to the property purchase identified in Appendix 1.
· Confirmation of a suitable financial viability assessment for each of the sites.
· Confirmation that the decision does not result in commitments outside budget framework constraints.
RESOLVED: that
1. the revenue financial outturn based on the projected position at Month 6 2023/24 be noted.
2. the capital spend and projected position at Month 6 2023/24 be noted.
RESOLVED: that
1) the Indoor Arena Funding Strategy as set out within this report and in more detail at Confidential Appendix 2 be approved.
2) entry into and execution of the Development and Funding Agreement (DFA) previously approved by Cabinet in July 2023, be authorised and in so doing approve any amendments to the legal documentation as may be necessary, for reasons including but not limited to ensuring consistency between them and finalising any outstanding areas of further deeds and documents which are ancillary to the legal documents approved, subject to consultation with S151 Officer and Legal Officers.
3) It be noted that, subject to entering into a DFA with the Arena Developer/Operator and approval by Cabinet of the MSCP Business Case at a future meeting, relevant financial implications will be updated in the Medium-Term Financial Plan, Capital, and Treasury Management Strategies to be consistent with this funding strategy, to form a revised affordability envelope.
4) It be noted that Treasury Management Activities are delegated to the S151 Officer and implementation and review of this funding strategy will be undertaken as part of the annual updates to the strategy and checkpoints in respect to this project specifically as part of post project review.
AGREED: that the Chairperson, on behalf of the Committee, writes to the Cabinet Member conveying the observations of the Committee when discussing the way forward.
RESOLVED:
a. That the Joint Committee notes the 2023/24 projected outturn forecast including the projected year-end balance for the Joint Committee Reserve Account.
b. That the Joint Committee recommends the 2024/25 budget, including the proposed drawdown and closing balance of the Reserve Account, to the Partnering Councils for approval as part of their respective budget planning frameworks for 2024/25.
c. The Joint Committee asks the Partnering Councils to note the indicative budgets, and associated partner contributions, outlined for the financial years 2025/26 to 2027/28.