Cabinet resolved to recommend the Assembly to:
i) Approve a base revenue budget for 2023/24 of £203.568m, as detailed in Appendix A to the report;
(ii) Approve the adjusted Medium Term Financial Strategy (MTFS) position for 2023/24 to 2025/26 allowing for other known pressures and risks at this time, as detailed in Appendix B to the report, including the revised cost of borrowing to accommodate the capital costs associated with the implementation of the MTFS;
(iii) Delegate authority to the Strategic Director, Finance and Investment, in consultation with the Cabinet Member for Finance, Growth and Core Services, to finalise any contribution required to or from reserves in respect of the 2023/24 budget, pending confirmation of levies and further changes to Government grants prior to 1 April 2023;
(iv) Approve the Statutory Budget Determination for 2023/24 as set out at Appendix D to the report, which reflects an increase of 2.99% on the amount of Council Tax levied by the Council, an Adult Social Care precept of 2.00% and the final Council Tax proposed by the Greater London Assembly (9.7% increase), as detailed in Appendix E to the report;
(v) Note the update on the current projects, issues and risks in relation to Council services, as detailed in sections 8-10 of the report;
(vi) Approve the Council’s Housing Revenue Account budget for 2023-24 as set out in Section 11 to the report;
(vii) Approve the approach to updating the stock condition survey for the Council’s housing stock, as referred to in paragraphs 11.5 – 11.8 of the report, and delegate authority to the Strategic Director, My Place, as advised by the Council’s Procurement Board and in consultation with the Cabinet Member for Community Leadership and Engagement, the Strategic Director, Finance and Investment and the Chief Legal Officer, to conduct the procurement and award and enter into the contract(s) and all other necessary or ancillary agreements with the successful bidders;
(viii) Approve the Council’s draft Capital Programme for 2023/24 totalling £388.126m, of which £43.909m are General Fund schemes, as detailed in Appendix F to the report;
(ix) Note the update on the Flexible Use of Capital Receipts Strategy as set out section 13 of the report;
(x) Note the Chief Financial Officer’s Statutory Finance Report as set out in section 15 of the report, which includes a recommended minimum level of reserves of £12m.