FOI request (FOIR-489835052)

Provisional Local Government Finance Settlement 2023/24

Requested Wed 22 February 2023
Responded  Tue 28 February 2023

On 19th December 2022 the Secretary of State for Levelling Up, Housing and Communities released details of the provisional local government finance settlement for 2023/24.

I would therefore like to request:

1. The change to your Core Spending Power (CSP) for 2023/24 over 2022/23 as a result of the local government finance settlement.

2. The impact of inflation on the council's 2022/23 budget, as measured against the original 2022/23 budget.

3. The estimated impact of inflation on the council's budget for 2023/24.

4. How much you had originally forecast the inflationary increase in costs to be for a) 2022/23 and b) 2023/24 in percentage and actual terms?

5. Details of any loans (PWLB or money market) taken out by the council after 30/9/22 and the loan provider, terms and time period for these loans.

Response

1. A summary of the Core spending Power for all authorities is detailed in the Local Government Finance Settlement and can be viewed at CSP_summary_table_2324.xlsx. A summary for Hastings Borough Council is shown below.

2. Appendix C (https://www.hastings.gov.uk/my-council/transparency/budgets/) of the Council's 2022/23 Budget Book shows inflation of £665,400 was included in the 2022/23 budget. Total service expenditure for the year was budgeted at £16,852,538 and therefore the inflation as a percentage of the total service expenditure was 3.95% (£665,400 / £16,852,538 = 3.95%).

3. Appendix C (https://www.hastings.gov.uk/my-council/transparency/budgets/) of the Council's 2023/24 Budget Book shows inflation of £711,000 was included in the 2023/24 budget. Total service expenditure for the year is budgeted at £17,754,575 and therefore the inflation as a percentage of the total service expenditure is 4.00% (£711,000 / £17,754,575 = 4.00%).

4a. £961,790, 5.707%

4b. £1,014,160, 5.712%

5. The council has not undertaken any external borrowing between 30/09/2022 and the current date, 23/02/2023.