Issue - meetings

Report FSD23010

The report considered the Portfolio Holder’s draft 2023/24 Budget which incorporated the future cost pressures, planned mitigation measures, savings from transformation and other budget options reported to the Council’s Executive on 18 January 2023.  Members were requested to consider the initial draft budget being proposed and to identify any further action that might be taken to reduce cost pressures facing the Council over the next four years with a view to the Council’s Executive making recommendations to Council on the 2023/24 Council Tax levels.  There were still outstanding issues and areas of uncertainty remaining and any further updates would be included in the 2022/23 Council Tax report to the meeting of the Council’s Executive on 8 February 2023.

In response to a question from a Member, the Director of Housing, Planning and Regeneration confirmed that the Local Authority continued to progress Phase 2 of the Meadowship Homes Scheme which was a joint venture with Orchard and Shipman.  The Scheme aimed to acquire approximately 250 properties for use as social rented accommodation to help address homelessness and temporary accommodation pressures and where possible, properties were acquired within or close to the Borough.  The Vice Chairman observed that the Scheme was partly funded by a £67m finance facility from Pensions Insurance Corporation (PIC) and asked for further details regarding the loan.  The Head of Finance: Adult Social Care, Health and Housing confirmed that although there was limited market data available for this type of transaction, work carried out in relation to Meadowship Homes 2 provided confidence that a competitive rate had been secured and that further details would be circulated to Members following the meeting.  Another Member was concerned that the Council’s Executive had recently agreed a 7% increase in social housing rent levels for the 2023/24 financial year and the Head of Finance: Adult Social Care, Health and Housing advised that even with this increase, social housing rent levels for Bromley remained well within the local Housing Allowance level. 

RESOLVED: That:

·  The update on the financial forecast for 2023/24 to 2026/27 be noted;

·  The initial draft 2023/24 budget be noted as a basis for setting the 2023/24 budget; and,

·  The Council’s Executive be recommended to note the comments of the Renewal, Recreation and Housing PDS Committee on the initial draft 2023/24 budget at its meeting on 8 February 2023.