Agenda item

Charter Trustees considered a report of the Treasurer that provided information to enable Charter Trustees to determine the appropriate budget requirement for the Charter Trust for 2024/25 and the basic level of council tax required for 2024/25 (for copy see file of minutes).

The Treasurer reported that Charter Trustees had previously agreed a strategy of £2.00 precept to be applied for 2023/24, 2024/25 and 2025/26 and also agreed that this position would be kept under review on an annual basis. It was noted that the annual inflation rate, annual pay award, reduction in the Local Council Tax Support Scheme Grant and a decrease in the council tax base had been built into the budget assumptions for 2024/25.

The Treasurer advised that taking into account the latest projected outturn position for 2023/24 and the proposed transfer from reserves of £19,085 to balance the 2024/25 budget, the total level of reserves was estimated to reduce to £44,167 as at 31 March 2025.

In response to a query, the Treasurer explained that interest rates had been inflated during the previous 12 months and the interest base rate was forecasted to reduce from Autumn 2024. Therefore with the forecasted cash balances and lower interest rates, the bank interest rate was a reasonable estimate.

Resolved:

(i)         That the forecast of outturn position for 2023/24 be noted;

(ii)    That the council tax requirement of £53,806 and a £2.00 precept for 2024/25 be agreed;

(iii)      That the deadline for agreeing the precept for 2024/25 be noted;

(iv)   That the requirement to keep the agreed precept of £2.00 for

        2023/24 to 2025/26 under review on an annual basis be noted.