Purpose

Annual report outlining the 2025/26 Revenue
and Capital Budgets

Content

AGREED:
i)            
That Cabinet recommended that Council approved the approach to
balancing the 2025/26 budget, specifically the:
 
a)   
net revenue budget of £165.450m as set out in the main
body of this report;
b)   
approval of a council tax increase of 8.99%, following agreement
from government to increase the level by 4% above the 4.99%
cap;
c)   
fees and charges as set out in Appendix E with delegated
approval given to the Executive Director of Resources to make minor
amendments to these prior to approval by Full Council;
d)   
flexible use of capital receipts for the purposes outlined in
Appendix I;
e)   
Capital Strategy, including the Minimum Revenue Provision policy
as set out in Appendix F;
f)    
capital programme as set out in Appendix G;
g)   
Treasury Management Strategy as set out in Appendix J;
h)   
allocation of £165.017m Dedicated Schools Grant as set out
in Appendix K;
i)    
A pay award of 3% from 1 April 2025 for all staff paid on RBWM
local pay scales as set out in Appendix L to this report;
and
j)    
the council tax setting report at appendix P, which will not
appear as a separate item at Council.
 
ii)           
In recommending the 2025/26 budget to full council, Cabinet
noted that the council’s ability to set a balanced budget for
next year was dependent on government agreeing to the
council’s request for an additional £103m of borrowing
next year through a ‘capitalisation direction, which had now
been superseded as government had agreed to this following the
publication of the report.
 
iii)          
Cabinet also agreed not to recommend to Full Council that RBWM
should conduct a referendum to increase council tax by 20% above
the 4.99% cap in 2025/26.