Content

9.1

The Director of Finance and Commercial Services
submitted reports containing proposals with
regard to the Council’s Revenue Budget for 2025-26 and
the Capital Strategy for 2025/26 to
2029/30.
 
The purpose of the Revenue Budget report is
to:
 

·        
recommend to Full Council the City Council’s revenue budget
for 2025/26, including the position on reserves and
balances;
 

·        
recommend to Full Council to approve a 2025/26 Council Tax for the
City Council; and
 

·        
recommend to Full Council to note the levies and precepts made on
the City Council by other
authorities.
 
The purpose of the Capital Strategy and Budget
Book 2025-2056 is to provide a snapshot of our capital programme
for the period 2025-2030, together with the background and context
for our capital investment over this period and for the next thirty
years.
 
The ‘Flexible Use of Capital Receipts
Strategy 2025-30’ proposes the earmarking of a sum of up to
£5m of existing capital receipts to support organisational
transformation for the period 2025 –
30.
 
In addition, the Director of Finance and
Commercial Services submitted a supplementary report providing
details of the South Yorkshire Fire and
Rescue
Authority Precept. The supplementary report set
out newly stated recommendations for that element of the budget
report. It also provides members with the version of the Pay Policy
as approved for submission by the Finance and Performance Policy
Committee on the 17 February 2025.

 

 

9.2

RESOLVED UNANIMOUSLY: That Strategy and
Resources Policy Committee:-

 

 

 

(a) As regards
the Revenue Budget , approves for submission to the meeting
of
the City Council
on 5th March 2025, the recommendations in the
Revenue
Budget report,
as set out below:-
 
(i) To approve a
net Revenue Budget for 2025/26 amounting to
£563.842m;
 
(ii) To approve
a Band D equivalent Council Tax of £2,028.99 for City
Council  services, i.e. an increase of
4.99% (2.99% City Council increase and 2% for the social care
precept);
 
(iii) To note
that the Section 151 Officer has reviewed the robustness of the
estimates and the adequacy of the proposed financial reserves, in
accordance with Section 25 of the Local Government Act 2003.
Further details can be found in Appendix 5 and within the Section
25 Statutory Statement on Sustainability of Budget and Level of
Reserves from paragraph 2;
 
(iv) To note
that, if overspends against the agreed budgets emerge, then
Executive Directors and Directors will be required to develop and
implement plans to mitigate fully any overspend, within 2025/26, in
consultation with elected Members;
 
(v) To approve
the savings as set out in Appendix 2;
 
(vi) To approve
the revenue budget allocations for each of the services, as set out
in Appendix 4a;
 
(vii) To note
that, based on the estimated expenditure level set out in Appendix
4 to this report, the amounts shown in part B of Appendix 6 would
be calculated by the City Council for the year 2025/26, in
accordance with sections 30 to 36 of the Local Government Finance
Act 1992;
 
(viii) To note
the information on the precepts issued by the South Yorkshire
Mayoral Police & Crime Commissioner and of South Yorkshire Fire
& Rescue Authority, together with the impact of these on the
overall amount of Council Tax to be charged in the City
Council’s area;
 
(ix) To note the
precepts issued by local parish councils which add £694,640
to the calculation of the budget requirement in accordance with
Sections 31 to 36 of the Local Government Finance Act 1992;
 
(x) To approve
the Treasury Management and Annual Investment Strategies set out in
Appendix 7 and the recommendations contained therein;
 
(xi) To approve
the Minimum Revenue Provision (MRP) Policy set out in Appendix 7,
which takes into account the revisions proposed for 2025/26
onwards;
 
(xii) To agree
that authority be delegated to the Director of Finance and
Commercial Services to undertake Treasury Management activity, to
create and amend appropriate Treasury Management Practice
Statements and to report on the operation of Treasury Management
activity on the terms set out in these documents;
 
(xiii) To
approve a Pay Policy for 2025/26 as set out in the supplementary
agenda pack;
 
(xiv) To agree
that (a) the Members allowances scheme introduced in 2022/23 and
reviewed in 2024/25 be implemented for 2025/26 and (b) to note that
the Independent Remuneration Panel will review the Scheme each
year, to make sure the scheme supports the governance structure and
the roles and responsibilities of elected members;
and
 
(xv) Except
where the decision is to be taken by the Council as a Charity
Trustee, delegates authority to the relevant Director to increase
fees and charges where they have been considered by a Policy
Committee as part of the budget process and are included in
Appendix 3 – Committee External Income of the Sheffield City
Council Revenue Budget 2025/26.
 
(b) As regards
the Capital Strategy, approves the submission to the meeting
of
the City Council
on 5 March 2025, the recommendations:-
 
(i) To approve
the contents of the Capital Strategy;
 
(ii) To note the
specific projects included in the years 2025/26 to 2029/30;
 
(iii) To note
the block allocations included within the programme; detailed
proposals will be brought back for separate Member approval as part
of the monthly monitoring procedures; and
 
(iv) To approve
the ‘Flexible Use of Capital Receipts Strategy
2025-30’

 

 

9.3

Reasons for Decision

 

 

9.3.1

The City Council
on 5 March 2025 meets to consider the Revenue Budget for 2025/26
and to determine the Council Tax for that year. The report provides
information to enable the Council to set a budget and determine the
Council Tax. The proposals set out in this report provide for a
balanced budget to be recommended to Full
Council.

 

 

9.3.2

Approval of the Capital Strategy and Budget Book will endorse
the Council’s proposed approach to capital investment for the
next five years.
 
Approval of the ‘Flexible Use of Capital Receipts Strategy
2025-30’ will endorse the use of existing capital receipts to
part-fund the Future Sheffield transformation
programme.

 

 

9.4

Alternatives Considered and
Rejected

 

 

9.4.1

The Council is required by law to set and balanced budget. The
recommendations made to Members represent what Officers believe to
be the best options available to the Council, in line with Council
priorities, given the constraints on funding and the use to which
funding is put within the Revenue Budget and the Capital
Programme.

 

 

9.4.2

It is a legal requirement for all local authorities to produce a
Capital Strategy.