Purpose

Update on budget process 2025-29 and progress
towards setting a balanced budget and council tax for 2025/26. The
report will also present the latest details on the MTFS 2025-29 and
Capital Programme 2025-29.

Decision

RESOLVED:
A. That Cabinet considers and
agrees the response to the Overview and Scrutiny Commission;
B. That the Cabinet resolves
that, having considered all of the information in this report and
noted the positive assurance statement given by the Executive
Director, Finance and Digital based on the proposed Council Tax
strategy, the maximum Council Tax in 2025/26, equating to a Band D
Council Tax of £1,598.05, which is an increase of below 5%
inclusive of 2% Adult Social care flexibility be approved and
recommended to Council for approval.
C. That the Cabinet considers
all of the latest information and the
comments from the scrutiny process, and makes recommendations to
Council as appropriate
D. That Cabinet resolves that
the Budget and Medium Term Financial
Strategy 2025-29 including the General Fund Budget and Council Tax
Strategy for 2025/26, and the Medium Term Financial Strategy (MTFS)
for 2025-29 as submitted, along with the Equality Assessments
(EAs), be approved and recommended to Council for approval subject
to any proposed amendments agreed at this meeting;
 E.
That the Cabinet resolves that, having considered all of the latest
information and the comments from the scrutiny process, the Capital
Investment Programme (as detailed in Annex 3 to the Capital
Strategy); the Treasury Management Strategy, including the detailed
recommendations in that Section, incorporating the Prudential
Indicators and the Capital Strategy as submitted and reported upon
be approved and recommended to Council for approval, subject to any
proposed amendments agreed at this meeting;
F. That Cabinet notes that the
GLA precept will not be agreed by the London Assembly until the 25
February 2025, but the provisional figure has been incorporated
into the MTFS.
G. That Cabinet request
officers to review the savings proposals agreed and where possible
bring them forward to the earliest possible implementation
date.
H. That Cabinet note that there
may be minor amendments to figures and words in this report
as a result of new information being
received after the deadline for dispatch and that this will be
amended for the report to Council in March.
I. That Cabinet consider and
approve the Risk Management Strategy.
J. That Cabinet resolves that
the Council’s Strategy for the Flexible Use of Capital
Receipts 2024/29, as detailed in pages 26 to 28 of the Capital
Strategy be approved and recommended to Council for approval
subject to any proposed amendments agreed at this
meeting.