Purpose

The annual budget report sets out the recommendation for Council Tax setting for 2024/25, the overall budget position for 2024/25 and estimates underpinning financial planning over the medium-term.   

Decision

Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024:

Council Tax

1. That the Council Tax for a Band D be agreed at £501.76 for 2024/25

1. That subject to the consideration of the previous recommendation, the council tax for the City of Westminster, excluding the Montpelier Square area and Queen’s Park Community Council, for the year ending 31 March 2025, be as specified in the Council Tax Resolution in Appendix 1

1. That the Precepts and Special Expenses be as also specified in Appendix 1 for properties in Montpelier Square and the Queen’s Park Community Council

1. That the formal resolution for 2024/25 attached at Appendix 1 including the council tax requirement of £68.889m be agreed

1. Note the proposed Greater London Authority precept (Band D) of £471.40, an increase of £37.26 in the adjusted Band D precept

1. That the Council continues the Westminster Community Contribution scheme to allow residents in the City to voluntarily contribute towards supporting discretionary services that support the three priorities of youth services, helping rough sleepers off the streets and supporting people who are lonely and isolated.

Revenue Budget

1. To note the views of the Scrutiny Budget Task Group set out in Appendix 2

1. That the proposed General Fund net budget requirement of £205.545m summarised in Appendix 3 is approved

1. That the savings, pressures and investments for 2024/25 to 2026/27 set out in Appendix 4, 5 and 6, are approved

1. That the Equality Impact Assessments included in Appendix 7 are noted to inform the consideration of the budget

1. Note the Housing Revenue Account (HRA) Business Plan 2024/25 and 30 Year Housing Investment Plan presented concurrently to Cabinet on 19 February 2024 that recommends the HRA budget and rent levels for 2024/25

Capital Programme

1. Note the Capital Strategy 2024/25 to 2028/29, forecast position for 2023/24 and future years’ forecasts summarised up to 2037/38 report also presented to Cabinet on 19 February 2024 that recommends the Council’s capital programme and financing

Reserves, Balances and Budget Estimates

1. Agree the reserves policy as set out in section 9

1. Note the opinion of the Section 151 Officer with regards to the robustness of the budget process, the estimates underpinning the budget and the adequacy of the reserves as set out in Appendix 8 as required by S25 of the Local Government Act 2003

Treasury Management and Investment Framework

1. Note the Treasury Management Strategy for 2024/25 including the annual investment strategy, borrowing limits and prudential indicators summarised in this report and set out detail in a concurrent report on this agenda.

1. Note the 2024/25 Integrated Investment Framework report also concurrently on this agenda, which sets out the policies and framework for future investment decisions for the Council.

Fairer Westminster Delivery Plan

1. Note the summary of the delivery actions for the Fairer Westminster Delivery Plan 2024/25 provided in Section 4. The full approved version of the 2024/25 Delivery Plan will be published in mid-March.

Reasons for Decision

The Council has a statutory requirement to set a balanced budget and submit a budget return to central government. This report sets council tax for the forthcoming financial year and approves the Council’s medium-term plan for the next four years and the budget for the 2024/25 financial year.