Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 4, 2025

Purpose: To consider the Council Budget 2025/26 and the 4 Year Medium Term Financial Plan.

Content: RESOLVED: 1.             Cabinet noted and supported the following recommendations to Council: a)            The Council has consulted on its draft budget proposals and a summary of these responses are included at Annex A for Cabinet to consider before agreeing its recommendations to Council. b)            Cabinet notes the report and recommendations from the Budget and Resources Scrutiny Committee at Annex B and considers these as part of its final recommendations to Council. c)             That the Revenue Budget for 2025/26 totalling £270.178m be approved (Annex I). d)            That the Council Tax Band D of £1.759.72 for the Milton Keynes element of Council Tax, be approved.  This is a 4.99% increase on the previous year (2.99% on the main element plus a 2.00% Adult Social Care Precept); e)            That the Council Tax requirement for the Council’s own purposes for 2025/26 (excluding parish precepts) of £175.329m, be approved. f)              That the position for the Dedicated Schools Grant of £407.174m and the Schools funding block for 2025/26 be noted and the budget and formula allocations for the High Needs Block and Early Years Block be approved (para 3.48 – 3.53). g)            That the parking account estimate for 2025/26 and use of the surplus be approved. (Annex J) h)            That the Housing Revenue Account Budget for 2025/26 be approved (para 3.42 to 3.47 and Annex K). i)              That increases to housing rents are set at 2.7% for tenants (an average increase of £2.85 per week) and 7.7% for shared owners (an average increase of £7.35 per week), the maximum level allowable under the Rent Standard (CPI + 1%) (para 3.44) be approved as per Annex K. j)              Garage rents are not increased for 2025/26 as per Annex K. k)            Housing Revenue Account service charges be approved (Annex K3). l)              The Rent and Service Charge Policy be approved. (Annex K4). m)         That the fees and charges for 2025/26 (including those fees and charges which are exceptions to the Income and Collection Policy) be approved. (Annex F) n)            That the Capital Strategy be approved. (Annex L) o)            That the Capital Programme for 2025/26 to 2029/30 be approved. (Annex M) p)            That the resource allocation for the 2025/26 Tariff Programme be approved. (Annex N) q)            That the Treasury Management Strategy for the 2025/26 to 2028/29 and the Treasury Policy Statement, including the Minimum Revenue Provision Policy, Borrowing Limits be approved. (Annex O) r)             That the financial forecast set out in the Medium Term Financial Plan (MTFP), in relation to both the resources and expenditure, be approved. (Annex T). 2.             Cabinet is asked to note and support the following recommendations: a)            The Housing Rent Affordability and Market Context Report be noted. (Annex K2). b)            That the equalities impact assessments for the Budget Reduction proposals, as set out in Section 4 be noted.