Decision Maker: Cabinet

Outcome:

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 11, 2025

Purpose: To consider final budget proposals for approval by Council.

Content: Cabinet note:   1)         The revised Medium Term Financial Strategy 2025/26 to 2028/29 as detailed in Appendix 1 of the report.   2)         The aims and objectives of the Medium Term Financial Strategy which will be presented to Council for approval on 27 February 2025.   3)         The formal budget public consultation began on 6 November 2024 and ended on 3 January 2025. Following the consultation, there are no changes to the budget proposals and the outcome of the consultation is summarised in section 17 and Appendix 6 of the report.   4)         The budget proposals are based on the assumptions detailed within the Medium Term Financial Strategy.   5)         That the proposals provide for a balanced budget in 2024/25, 2025/26 and 2027/28, and further proposals will need to be considered to address the future year budget gap in 2028/29.   6)         That the Financial Policies have been reviewed and are detailed in Appendix 4 of the report.   Cabinet recommend that Council:   note   7)         The S151 Officer’s (Chief Finance Officer) statutory report regarding the robustness of the estimates and the adequacy of reserves detailed in section 10 of the report.   8)         That the Chief Finance Officer (S151 Officer) on the 3 January 2025 calculated the Council Tax base for the whole Council area at 70,025.3 Band D equivalents and for dwellings in those parts of its area to which a parish precept relates as per Appendix 2 [only available for council report].   9)         The county, police and fire authority precepts detailed in Appendix 3 [only available for council report].   10)      That as the billing authority, the Council has not been notified by any major precepting authority that its relevant basic amount of Council Tax for 2025/26 is excessive and the billing authority is therefore not required to hold a referendum, in accordance with section 52ZK of the Local Government Finance Act 1992.   11)      The risks and sensitivities within the financial forecasts highlighted in section 9 and in Appendix 5 of the report.   Determine   12)      That for the purposes of section 35 (2) (d) of the Local Government Finance Act 1992, any expenses incurred by the Borough Council in the financial year 2025/26 in performing functions in a part of the district which elsewhere in the district are performed by a Parish Council, shall not be special expenses of the Borough Council.   13)      That its relevant basic amount of Council Tax for 2025/26 (£146.42 at Band D) reflects a £5.00 (3.54%) increase which is not excessive in accordance with principles approved under Section 52ZB of the Local Government Finance Act 1992.   approve:   14)      The net Council Tax requirement of £10.25M for 2025/26, the revenue estimates including the budget proposals in and contributions to and from reserves summarised in sections 6 and 7 of the report.   15)      The Medium Term Financial Strategy, as shown in Appendix 1 of the report.   16)      The financial policies set out in Appendix 4 of the report.   17)      That the requirement for Council Tax for Borough purposes for 2025/26 be £146.42 (at Band D) as set out in Appendix 3 [only available for council report].   18)      The Council Tax Resolution as set out in Appendix 3 [only available for council report] which brings together the Borough’s Council Tax Requirement and that of the other major preceptors (Hampshire County Council, Hampshire Fire and Rescue and The Police and Crime Commissioner for Hampshire) and sets the Council Tax charges for 2025/26.   19)      That the S151 Officer (Chief Finance Officer) be given delegated authority to implement any variation necessary to the overall level of 2025/26 Council Taxes in the event that any of the precepting authorities change their precept calculation from that expected and reported at the Council meeting.