DECISION

The Mayor agreed to submit the budget and policy framework aspects of the report for review by the Overview and Scrutiny Committee.

1.      Propose a draft General Fund Revenue Funding Requirement of £446.257m for 2023-24 subject to remaining changes arising from the final Local Government Finance Settlement and any other necessary adjustments.

2.      Propose to freeze the Tower Hamlets element of Council Tax and to levy a 2% Adult Social Care precept for 2023-24.

3.      Propose that the Interim Corporate Director Resources uses £22.3m from reserves in 2023-24 to support the budget as set out in section 3.9.8 of the report given the shortfall emerging as part of the 2023-24 budget setting process.  

4.      Propose that the Interim Corporate Director Resources be authorised to make any changes required to the budget following receipt of the final Local Government Finance Settlement (LGFS) in consultation with the Mayor and Cabinet Member for Resources and the Cost of Living.

5.      Authorise the Corporate Director Resources to continue the Council’s participation in the 8 Authority Pool for Business Rates with seven other London Local Authorities for 2023-24, subject to due diligence.

6.      Note the latest draft position of the Council’s reserves, subject to final audit of the statements of accounts.

7.      Propose the HRA housing rent and service charge increases as outlined in section 3.11.  This includes increasing housing rents for existing tenanted properties by 7% for 2023-24 and for new build properties by CPI +1% for 2023-24 (as per paragraph 3.11.18 of the report).

8.      Propose that the National Schools Funding Formula (NSFF) adopted by Tower Hamlets originally in 2019-20 continues for 2023-24. The only changes included are increases to the factor values in line with the NSFF.

9.      Propose that the Minimum Funding Guarantee (the mechanism that guarantees schools a minimum uplift in per-pupil funding) is set as close to 0.5% as affordable, the maximum allowed after consideration for growth and factor changes in School allocations.

10.   Propose that the structure of the Early Years Funding Formula remains unchanged except that the two year old hourly rates will increase in line with the Early Years National Funding Formula.

11.   Note that the Local Council Tax Reduction Scheme will remain unchanged for 2023-24.

12.   Note the Equalities Implications as set out in Section 5 of the report.

Action by:

INTERIM CORPORATE DIRECTOR, RESOURCES (K. BARTLE)

(Director of Finance, Procurement and Audit (N. Visram)