Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: January 29, 2025

Purpose: To approve the Medium-Term Financial Strategy (MTFS), final revenue and capital budget for 2025/26 and Precept to Council.

Content: Cllr Lynden Stowe sought approval to recommend the draft revenue and capital budget, Precept and the Dedicated Schools Grant budget for 2025/26 - 2028/29 to Council.     Having considered all of the information, Cabinet noted the report and RESOLVED to:   1. Consider the outcome of the budget consultation as set out in Appendix 2 and the report from the Corporate Overview and Scrutiny Committee (COSC) in Appendix 3. 2. Approve the final MTFS revenue and capital budget for recommendation to County Council – including the detailed revenue, capital and Dedicated School Grant budgets for 2025/26 – 2028/29 (Appendix 1). 3. Note the schools funding allocations, the provisional local government finance settlement and forecast reserve movements as summarised in this report and set out in the MTFS. 4.Recommend to Council a revenue budget of £659.632 million, a band D council tax of £1,679.65, and consequential precepts on District Councils. 5. Note the Capital Strategy and Treasury Management Strategy & Investment Strategy as set out in Annexes 7 & 9 of the detailed MTFS. 6. Agree necessary inflationary uplifts in adults, children, and public health services, subject to approval of the full budget by council, at a cost of no more than £11.937 million (made up of £8.912 million for adult providers, £2.885 million for children providers, and £0.140 million for public health providers).