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Resolved:-
 

(1)         
that approval is given to the Medium-Term Financial
Strategy and Draft Budget 2025/26, and that this be submitted to
Full Council on 25 February for consideration and approval with the
following specific recommendations to Full Council, that:-
 

(2)         
the Medium-Term Financial Strategy and all annexes
set out in Appendix A, is approved, incorporating the following
recommendations:

a)           
the results of the consultation exercise at Annex 1
be noted;

b)           
the change-log of
financial movements in the Medium-Term Financial Plan at Annex 2 be
noted;

c)            
the efficiency savings detailed in Annex 3 of the
Medium-Term Financial Strategy is approved for inclusion in the
General Fund base budget for 2025/26 and the Medium-Term Financial
Plan for the financial years 2025/26 to 2029/30;

d)           
the risks associated with the Medium-Term Financial
Plan as detailed at Annex 4 is noted;

e)           
the strategy on Flexible Use of Capital Receipts at
Annex 5 to the report is approved, and delegated authority given to
the Deputy Leader and Cabinet Member for Finance and Resources and
Executive Director for Finance and Transformation to make any
submissions to the Ministry of Housing, Communities and Local
Government for application;

f)             
the Fees and Charges for 2025/26 is approved, as set
out within Annex 6.
 

(3)         
the General Fund net budget of £363.804m for
2025/26, as detailed at Annex 7 of the Medium-Term Financial
Strategy is recommended to Full Council for approval, including the
financial implications of:

a)           
a proposed Council Tax increase of 4.99% for the
Sandwell MBC element resulting in a Band D charge of £1,823.76;

b)           
 revised Local Council
Tax Reduction Scheme Policy as approved by Full Council on 10
December 2024;

c)            
increased Council Taxbase of 80,364.3 as approved by
Full Council on 10 December 2024.
 

(4)         
the analysis of Council Tax amounts by Band at Annex
8 is noted;
 

(5)         
the application of the Dedicated Schools Grant as
set out at Annex 9 is approved, including the following
recommendations to:

a)           
adopt the grant allocation by block per Table
1;

b)           
agree the amount of funding available for
distribution from the Schools Block at £373.004 as set out at
Table 2 including:

·     
Set aside of £1.000m as Pupil Growth
contingency;

·     
set aside of £0.840m as Falling Rolls Funding
contingency;

·     
transfer of £0.522m to Central Schools
Services Block to fund attendance service.
 

(6)         
 in relation to the
General Fund Capital Programme:

a)           
the budget allocation of £102.432m for
2025/26, and of £343.120m for the programme to 2029/30, as
set out at Annex 10, is approved;

b)           
it is noted that it is assumed that the
‘pipeline’ projects, as detailed in Annex 10, will be
brought forward for appraisal in due course and will be added into
the programme following the completion of due process as prescribed
by the Council’s Financial Regulations.
 

(7)         
that the Housing Revenue Account and associated
Capital Programme as set out at Annex 11 is approved,
including:

a)           
the Housing Revenue Account Revenue Budget for
2025/26 as set out in Table 2 of the report, including the draw of
£3.336m from Housing Revenue Account earmarked reserves;

b)           
the Housing Revenue Account Capital Programme budget
of £78.401m for 2025/26 as set out in Table 3 of the report
submitted;

c)            
the 30 Year Housing Revenue Account Business Plan as
set out in sub-annex 1.
 

(8)         
the Reserves Strategy at Annex 12 to the Medium-Term
Financial Strategy is approved, and delegated authority is given to
the Section 151 Officer to make transfers to or from reserves
during the financial year to ensure that adequate reserves are
maintained and adjusted when spend from earmarked reserves is
required;
 

(9)         
the Capital Strategy and Capital Financing Strategy
at Annex 13 and 14 be approved;
 

(10)     
the Investment Strategy at Annex 15 is approved;
 
(11)   
that the Treasury Management Strategy at Annex 16 is
approved, including:

a)           
the Borrowing and Investment Strategies;

b)           
The Minimum Revenue Provision Policy Statement;

c)            
The Treasury and Prudential Indicators as set out
within the report and summarised at sub-annex 6;

d)           
Forecast new borrowing requirement of
£118m.
 

(12)     
the Revenues and Benefits Policy Framework at Annex
17 is endorsed;
 

(13)     
delegate authority is given to the Section 151
Officer and Monitoring Officer to make any financial corrections or
amendments to the Medium-Term Financial Strategy and annexes as may
be required in the final preparation of papers for Full Council on
25 February 2025, and, subject to approval by Full Council of the
Medium-Term Financial Strategy and budget recommendation, to make
any in-year financial corrections, technical adjustments or
virements in the event of variations in indicated funding
allocation made by Government, subject to these being allocated in
accordance with the principles set out in this report;
and
 

(14)     
delegated authority be given to the Section 151
Officer adjust the funding sources applied to the Capital
Programmes during the year to maximise flexibility in use of
capital resources and minimise borrowing costs where
possible.