Decision

1.    To note the current General Fund Revenue Funding Requirement of £421.500m for 2023-24 prior to the budget setting review to be carried out in year.

2.    To note the budget gap assuming a 0% council tax increase compared to the normally permitted 1.99% and the implications on Adult Social Care funding if the Council was not able to levy the assumed 1% Adult Social Care Precept.

3.    To note the latest draft position of the Council’s reserves, subject to sign off of the statements of accounts.

4.    To note that currently £1m funding from the Public Health grant is allocated to the Key Stage Two extension of Free School Meals as well as £2m from the Free School Meals Reserve.

5.    To note that any increase in the Social Care Grant for 2023-24 is assumed to be allocated in full to the services (75% to adult social care and 25% to children’s social care).

6.    To note that the HRA housing rent and service charge increases will require consideration once the September 2022 CPI inflationary figure is known.

7.    To note that the 2022-23 Management Fee payable to Tower Hamlets Homes (THH) was increased from £33.236m to £33.676m following addition of the 2021-22 pay award.

8.    To note that under the Management Agreement between the Council and THH, THH manages delegated HRA income and expenditure budgets on behalf of the Council. In 2022-23, THH is managing delegated income budgets totalling £98.842m and delegated expenditure budgets totalling £32.128m.

9.    To note the current assumption that the Local Council Tax Reduction Scheme will remain unchanged for 2023-24.

10.To note the Equalities Implications as set out in Section 4 of the report.

Action by:

INTERIM CORPORATE DIRECTOR, RESOURCES (K. BARTLE)

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