Decision Maker: Executive, Council

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: January 30, 2025

Purpose: To receive and approval the Budget and Capital Programme for 2025/26.

Content:   RESOLVED that the Executive Recommend to Council:   (i)             The latest Medium-Term Financial Plan forecast at Annex 1; (ii)           An increase in Reigate & Banstead’s Band D Council Tax of £7.69 (2.99%) and a final taxbase of 64,564.30 Band D equivalents; (iii)         A Revenue budget requirement of £22.354 million for 2025/26, as set out in this report and at Annex 1, which reflects: a) Service budget growth proposals totalling £0.892 million, savings of (£0.869) million (reference paragraph 18 Table 2), which includes fees and charges income of (£0.182) million, plus forecast issues, risks and opportunities totalling £0.304 million; b) Central Revenue Budget net savings and growth proposals totalling (£0.836) million (reference paragraph 32 Table 4). (iv)         The forecast for Revenue Reserves (Annex 3) and the recommended use of £0.304 million from the IT Strategy Reserve to fund the approved IT Strategy (as detailed in the Services budget); (v)           A final Capital Programme of £33.974 million for 2024/25 to 2028/29 as set out in this report, which includes capital growth proposals of £0.839 million and capital scheme reductions of (£11.702m). (vi)         That the existing Local Council Tax Support scheme be retained for 2025/26 with no revisions required or changes to Council Tax premiums. (vii)        The Chief Finance Officer’s report on the robustness of the Budget estimates and adequacy of reserves.   RESOLVED that the Executive:   (viii)      Authorises the Chief Finance Officer to make any necessary final technical adjustments to the Budget and Council Tax arising from final budget refinements or changes to Government funding; (ix)         Approves a reserve movement of £0.500m from the Corporate Plan Delivery Fund to a New Reserve to earmark funds for Local Government Reorganisation.