Content

Cabinet agreed the following for
recommendation to Borough Council for approval:
a) The General Fund
revenue budget for the 2024/25 financial year as detailed in the
submitted report and itemised in Appendix A, resulting in a 4.99%
increase in the council’s element of the Council Tax;
b) That the 4.99%
increase in the council’s element of the Council Tax
comprises of the 2% Adult Social Care precept and a 2.99% general
increase;
c) The savings
proposals in Appendix B of the submitted report;
d) The fees and charges
schedule in Appendix C of the submitted report;
e) The Housing Revenue
Account budget for the 2024/25 financial year as detailed in
paragraphs 6.1 to 6.20 of the submitted report;
f) The capital
programme for 2024/25 to 2027/28 as detailed in paragraphs 7.1 to
7.13 of the submitted report and in Appendix D;
g) The Capital Strategy
in Appendix E of the submitted report;
h) The Treasury
Management Strategy 2024/25, Annual Investment Strategy, Statement
on Minimum Revenue Provision and Prudential and Treasury Indicators
and Approved Countries for Investment as detailed in paragraphs 9.1
to 9.7 of the submitted report and in Appendix F;
i) That the Executive Director of Finance and
Resources should be authorised to undertake the operational
activity required to manage cashflows including:

·      
authority during 2024/25 to make amendments to borrowing and
investment limits provided they are consistent with the strategy
and there is no change to the authorised limit for borrowing;

·      
authority to borrow as per the approved borrowing requirements set
out in the Prudential and Treasury Indicators without the
additional requirement for a formal Chief Officer Decision;

·      
authority to invest with institutions that meet the
creditworthiness criteria within the Annual Investment Strategy;
j) That Borough Council
would receive a mid-year report and an outturn report on the
implementation of the Treasury Management Strategy 2024/25, and
that Cabinet would receive a quarterly update on treasury
management performance for borrowing and investments within the
financial monitoring update reports;
k) The Annual
Procurement Plan in Appendix G of the submitted report:
l)  The Climate Budget for publication, based on the
schedule at Appendix J of the submitted report;
m) Note that at the
Cabinet meeting on 16 January 2024, Cabinet members had approved
the Council Tax Base for 2024/25 for the whole council area as
90,700.8 [Item T in the formula in Section 31B of Local Government
Finance Act 1992, as amended (the “Act”)];
n) Agree the Council
Tax Requirement arising from Cabinet’s proposed budget for
2024/25 at £137,830,000 [Item R in the formula in Section 31B
of the Act];
o) Agree that the
following amounts be calculated for the year 2024/25 in
accordance with
Sections 31 to 36 of the Act:

(i)   
£753,669,059 being the aggregate of the amounts which the
Council
estimates for its total
expenditure in accordance with the items set out in Section 31A (2)
of the Act;

(ii)  
£615,839,059 being the aggregate of the amounts which the
Council
estimates for its total
income in accordance with the items set out in Section 31A (3) of
the Act;

(iii)£137,830,000
being the amount by which the aggregate (o)(i) above
exceeds the aggregate at
(o)(ii) above, calculated by the Council in
accordance with Section 31A
(4) of the Act as its Council Tax Requirement for the year (Item R
in the formula in Section 31B of the Act);

(iv)£1,519.61
being the amount at (o)(iii) above (Item R), all divided by Item T
at (m) above, calculated by the Council, in accordance with Section
31B of the Act, as the basic amount of its Council Tax for the
year;
p)   
Note that for the year 2024/25 the Mayor of London has issued a
Greater

London Authority (GLA) draft consolidated budget setting out his
proposed

precept on the Council Tax in accordance with Section 40 of the
Local

Government Finance Act 1992 for each category of dwellings in the
Council’s area as indicated in the table in recommendation
(q) below;
q)   
Agree that, in accordance with Sections 30 and 36 of the Local
Government Finance Act 1992, Cabinet hereby calculates the
aggregate amounts shown in the table below as the amounts of
Council Tax for 2024/25 for each part of its area and for each of
the categories of dwellings:
 

Valuation Band

A

B

C

D

Banding Factor

6/9

7/9

8/9

9/9

Hounslow Council Tax
(£)

1,013.07

1,181.92

1,350.76

1,519.61

GLA Precept
(£)

314.27

366.64

419.02

471.40

Total
Council Tax (£)

1,327.34

1,548.56

1,769.78

1,991.01

Valuation Band

E

F

G

H

Banding Factor

11/9

13/9

15/9

18/9

Hounslow Council Tax
(£)

1,857.30

2,194.99

2,532.68

3,039.22

GLA Precept
(£)

576.16

680.91

785.67

942.80

Total
Council Tax (£)

2,433.46

2,875.90

3,318.35

3,982.02

 
r)    
Determine that the council’s basic amount of
Council Tax for 2024/25 is not excessive in accordance with
principles approved under Section 52ZB of the Local Government
Finance Act 1992;
s)   
The proposed re-alignment of earmarked reserves in
2023/24 as set out in paragraphs 11.8, 11.10 and 11.12 of the
submitted report, specifically:
·       
the contribution of £0.6m to Unallocated
General Balances;
·       
the contribution of £7.5m to the Business
Rates Volatility risk reserve;
·       
the drawing of £4.0m from the Capital
Financing risk reserve;
·       
the transfer of £4.5m from Operational
Reserves to Strategic Investment Reserves as set out in Table
13;
t)          
The proposed drawings from earmarked reserves to
fund the 2024/25 budget as set out in Table 12 and paragraph 11.9
of the submitted report, and to delegate any decisions relating to
the implementation of these reserve movements to the Executive
Director of Finance and Resources;
u)        
Agree that the council’s Council Tax Reduction
Scheme for 2024/25 is unchanged from the banded scheme implemented
with effect from 1 April 2023, other than for the uprating of
benefit rates in accordance with Government regulations;
v)         
The extension of charging an Empty Homes Premium of
100% on Council Tax to properties that have been unoccupied and
substantially unfurnished for between one and two years with effect
from 1 April 2024;
w)       
The introduction of a Second Homes Premium of 100%
on Council Tax to properties that are unoccupied and furnished with
effect from 1 April 2025;
x)         
Note the Acting Chief Financial Officer’s
Section 25 Statement and comments on the adequacy of reserves and
the robustness of the estimates underpinning the budget contained
in Appendix I and at paragraph 15.1 of the submitted
report.
 
Cabinet agreed the
following:
y)         
To delegate the allocation of inflation to service
budgets and the re-basing of corporate contingencies to service
budgets within the revenue budget for 2024/25 to the Executive
Director of Finance and Resources as detailed in paragraphs 4.29
and 4.36 of the submitted report;
z)         
The re-basing, savings and investment allocations
and virement to service budgets within the General Fund revenue
budget for 2024/25 as detailed in paragraphs 4.32, 4.33, 4.34,
4.46, 4.53, and 4.55 of the submitted report;
aa)     
The basis for the allocation of schools funding from
the Schools Block of the Dedicated School Grant (DSG) for 2024/25,
including the principles of the local schools 5 to 16 funding
formula, as detailed in paragraphs 5.3 to 5.6 of the submitted
report.