Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 11, 2025

Purpose:

Content: RESOLVED: Cabinet; a)    Approved the 2025-26 Budget for West Northamptonshire set out in this report, and recommends the Budget to the Full Council meeting on 20 February including:                            I.          an estimated net revenue budget of £959.6m (£431.8m excluding Dedicated Schools Grant) as set out in Appendix A                          II.          an average Band D Council Tax of £1,866.98 for West Northamptonshire Council, which represents an average increase of 4.99%. (2.99% increase in ‘core’ Council Tax and 2% Adult Social Care Precept)                        III.          proposed Fees and Charges as detailed in Appendix E                       IV.          Dedicated schools grant budget of £527.7m as detailed in Appendix F                         V.          Capital Strategy additions as set out in Appendix G                       VI.          the Medium Term Financial Strategy from 2025-2030 as set out in Appendix D                     VII.          the Flexible use of Capital Receipts Strategy set out in Appendix H                   VIII.          the Treasury Management Strategy set out in Appendix K                       IX.          setting the authorised limits for borrowing as set out in Appendix G1 section 8.13 and 8.14 b)    Noted the final tax base for West Northamptonshire at 146,150.3 Band D equivalent properties, as set out in paragraph 5.79. c)     Delegated authority to the Executive Director – Finance to take the necessary steps to introduce the new premiums on second homes as set out in paragraphs 5.82. d)    Recommended the following to Full Council on 20 February 2025, to ensure that the revenue and capital budget and all associated financial policies can be delivered from 1 April 2025 and to also ensure there is flexibility to manage the overall budget in the year;                            I.          To delegate authority to the Executive Director - Finance to manage any variation in budget prior to the start of 2025-26 as a result of final confirmation of the local government finance settlement, or as a result of unforeseen commitments; in consultation with the Cabinet Member for Finance.                          II.          To delegate authority to the Executive Director - Finance in consultation with the Cabinet Member for Finance to amend the capital programme for 2025-26 going forward so that it accurately reflects issues such as slippage on current year projects that will need to be added to the programme, any amendments made to existing capital programmes, adjustments to accommodate any future use of capital receipts policy and for any other reason where the Capital Programme needs to be adjusted.                        III.          To note the use of reserves as summarised in the table contained at paragraph 5.87.                       IV.          To delegate authority to the Executive Director - Finance to employ earmarked reserves for the purposes they were set up for including the release of the risk reserve if required.                         V.          To delegate authority to the Executive Director – Finance in consultation with the portfolio holder for finance to release the general contingency fund of £11.3m if required in the year.                       VI.          To note the Executive Director – Finance has delegated authority to amend fees and charges. e)    For the Dedicated Schools Grant (DSG):                            I.          Noted the provisional allocations and planned usage of the DSG for 2025-26 pending the final DSG settlement                          II.          Following consultation with the Schools Forum, delegated authority to the Executive Director for Children’s Services to determine the DSG 2025-26 schools funding formula, high needs funding arrangements and the Early Years Funding Formula in line with Department for Education guidance. f)      Considered the Section 25 statement of the Chief Finance Officer detailed in section 8 of the report. g)    Noted the consultation feedback on the budget in Appendix I. h)    Noted the feedback from the Overview and Scrutiny Committee in Appendix J. i)       With respect to meeting the Government’s pension fund asset pooling agenda for Cabinet to recommend the following to Full Council on 20 February 2025, to ensure that we can proceed at appropriate pace, and to make decisions and take necessary actions. Specifically: a)    Delegation to the Executive Director - Finance in consultation with the Cabinet Member for Finance: If ACCESS decides to build an FCA-regulated entity, to delegate to officers the authority to explore and support the creation of the entity by ACCESS. This includes developing shareholder agreements, establishing governance structures, and ensuring all steps necessary to meet regulatory requirements, including compliance with capital requirements. The Shareholder Agreement would be brought to a future meeting for consideration and agreement by Council. In the event that ACCESS decides not to build an FCA-Regulated entity, alternative reports will be prepared and submitted to the Pension Committee for consideration of the options.   REASONS RESOLVED: To ensure that the Council complied with its Constitution and all other relevant legislative requirements in setting the budget for West Northamptonshire Council.   ALTERNATIVE OPTIONS: These are set out within the report.