Consultation outcomes and draft budget proposals
To recommend to Council the proposed 2023/24 budget and associated Medium Term Financial Strategy and the Treasury Management Strategy for recommendation to Council on 10 February 2023.
The proposed budget reflects current and expected service delivery requirements and the provisional local government settlement announced on 19 December 2022. Overall the base budget for 2023/24 is proposed to increase to fund budget pressures. Savings of £20.0m are required in 2023/24 and an increase in council tax of 4.99% (inclusive of 2% adult social care precept) is proposed to deliver a balanced budget.
The draft Medium Term Financial Strategy (MTFS), attached at appendix A, has been updated to reflect current assumptions and estimates of future year funding and service requirements in line with the County Plan.
The Treasury Management Strategy, attached at appendix D, includes the proposed borrowing and investment strategy, the council’s expected minimum revenue provision and the associated prudential indicators which demonstrate that the council’s proposed capital investment budget is affordable, prudent and sustainable
Decision type: Budget and policy framework
Decision status: Recommend Forward to Council
Wards affected: (All Wards);
Notice of proposed decision first published: 09/11/2022
Decision due: 26 January 2023 by Cabinet
Lead member: Cabinet member finance, corporate services and planning
Lead director: Director of Resources and Assurance
Department: Corporate Support Centre
Contact: Rachael Hart, Head of Strategic Finance Email: Rachael.Hart@herefordshire.gov.uk Tel: 01432 383775.
- 26/01/2023 - Cabinet Consultation outcomes and draft budget proposals 26/01/2023
- Consultation outcomes and draft budget proposals PDF 285 KB
- Appendix A Medium Term Financial Strategy 2023/24 to 2026/27 PDF 884 KB
- Appendix B Directorate Savings Plans 2023/24 PDF 377 KB
- Appendix C Directorate Base Budgets 2023/24 PDF 204 KB
- Appendix D Treasury Management Strategy 2023/24 PDF 758 KB
- Appendix E Reserves PDF 16 KB
- Appendix F Impact Report PDF 795 KB
- Appendix G Online Budget Consultation Report PDF 440 KB