Decision Maker: Cabinet

Outcome: Recommendations approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 11, 2025

Purpose: To recommend to Council the annual budget.

Content: RECOMMENDED to Council:   1)    That the Cabinet recommends to the Council a Net Revenue Budget of £105.597m and Council Tax level for 2025/26 as set out in Annexe G, to include the proposals detailed in the following recommendations i. to vii.   i.       The draft budget proposals as set out in the report presented to the Cabinet’s meeting in December 2024, subject to the revisions in section 9.3.1b) to 9.3.1g) and those decisions to be taken elsewhere on this agenda on the capital programme;   ii.     The additional budget proposals as set out in Annexe A and Annexe D and in sections 7.2 (Revenue Support Grant), 7.3 (specific grants), 7.4 and 7.5 (business rates), 8.3 (Council Tax and collection fund) ,9.3 (updated pressures & savings) and 10.1 (Schools Budget);   iii.    A provision for inflation of £4.616m (section 9.2);   iv.    A general contingency totalling £3.992m (section 11.10) use of which is to be authorised by the Chief Executive in consultation with the Executive Director: Resources in accordance with the delegations included in the Council’s constitution;   v.     A council tax discount of £50 for working age households receiving council tax support (£0.170m) and a one-off increase of £0.088m in the budget allocated for Section 13A Council Tax reliefs and associated administrative support (£0.045m), funded using the Financial Hardship Reserve, as set out in paragraph 9.3.1a);   vi.    A 4.99% increase in the Council Tax for the Council’s services with the Council Tax requirement, excluding Parish and Town Council precepts, of £85.667m;   vii.   A Council Tax for the Council’s services for each Valuation Band as follows:       Band Tax Level Relative to Band D £ A 6/9 1,131.18 B 7/9 1,319.71 C 8/9 1,508.24 D 9/9 1,696.77 E 11/9 2,073.83 F 13/9 2,450.89 G 15/9 2,827.95 H 18/9 3,393.54           2)    That the Cabinet recommendsthat the Council approves the following indicators, limits, strategies and policies included in Annexe E, following their review by the Governance and Audit Committee at its meeting on 22 January 2025:   i.       The Prudential Indicators and Limits for 2025/26 to 2027/28 contained within Annexe E(i);   ii.     The Minimum Revenue Provision (MRP) Policy contained within Annexe E(ii);   iii.    The Treasury Management Strategy Statement, and the Treasury Prudential Indicators contained in Annexe E(iii);   iv.    The Authorised Limit Prudential Indicator in Annexe E(iii);   v.     The Investment Strategy 2025/26 to 2027/28 and Treasury Management Limits on Activity contained in Annexe E(iv).   3)    That the Cabinet recommends that the Council approves the reserves and balances policy (Annexe F);   4)    That the Cabinet delegates authority to the Executive Director: Resources in consultation with the Cabinet Members for Finance and Corporate Improvement and Environment, Community and Housing to agree a policy for distribution of the Section 13A budget (paragraph 9.3.1a);   5)    That the Cabinet delegates authority to the Cabinet Member for Children, Young People and Learning to approve the detailed budget allocations for High Needs pupils and Early Years providers, up to the estimated level of available resources (section 10.1);   6)    That the Cabinet approves a three-week consultation on a draft new discretionary rates relief policy for charitable organisations from 12 February to 4 March, as detailed in section 17 and Annexe Hii of this report, with the results of the consultation to be reported to the Cabinet at its meeting in March.