Decision Maker: Cabinet, Cornwall Council

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 12, 2025

Purpose: This report seeks Cabinet’s approval to recommend to Full Council the final budget proposals for the 2025-26 financial year, along with the Medium Term Financial Plan 2025-30, Outcome Delivery Plans, the annual Treasury Management Strategy, the annual Capital and Investment Strategy and Capital Programme.  Prior consideration and scrutiny of the budget and business plan proposals to be undertaken by the Budget Development Overview and Scrutiny Committee in January 2025.

Content: DECISION:   RESOLVED TO RECOMMENDATION TO COUNCIL:   That the Council Budget and Medium-Term Financial Plan proposals for 2025-2030 (Appendix 1), including the detailed budget proposals for 2025/26, are approved in order to provide the financial resources that maintain strong delivery against the agreed Council Business Plan and that the Cumulative Impact Assessment of these proposals (Appendix 2), together with the results of the public consultation (Appendix 3) and the comments of the Budget Development Overview and Scrutiny Committee, are acknowledged and considered.   That the Council Tax requirement for the Council’s own purposes be set at £441.379m and it be confirmed that the Cornwall Council element of the Council Tax be increased by 2.99%, plus a levy of 2% to be spent solely on Adult Social Care, for the financial year 2025/26 (an overall increase of 4.99%, equivalent to a Band D charge of £1,987.20).   That indicative future increases in Council Tax, subject to changes in Council Tax limiting principles and future budget requirements, are agreed for budget planning purposes at 4.99% across the period of the Medium-Term Financial Plan (MTFP).   That a net General Fund Budget for 2025/26 of £840.190m be set.   That the Chief Executive and Strategic Directors be required to meet the revenue budget targets as set out in Appendix 1 to the report, for the delivery of Council activity in 2025/26 and future years to 2029/30, as set within the Council’s MTFP.   That consideration be given to the Section 151 Officer report on the level of General Fund Reserve.   That the Annual Treasury Management Strategy 2025/26, as set out in Appendix 4 to the report, be approved including:     i.  The Prudential Indicators and Treasury Indicators 2025/26 – 2029/30   ii.  The Annual Investment Strategy 2025/26   iii.  The Minimum Revenue Provision Policy   That the Capital and Investment Strategy 2025/26 – 2029/30, as set out in Appendix 5 to the report, be approved.   That the revised Capital Programme, as detailed within the report, is approved.   That the Tamar Bridge & Torpoint Ferry Joint Committee 2025/26 Revenue Budget and Capital Programme and the 2025/26 draft Business Plan, as referenced in section 4, are approved.   That the exercise of the powers in sections 11B and 11C of the Local Government Finance Act 1992 to levy the maximum council tax premiums on empty homes and dwellings occupied periodically (including second homes) continues for future financial years, unless varied or revoked in accordance with the provisions of the 1992 Act.   RESOLVED: That the Deputy Leader be authorised to adjust the recommendations to Full Council, in consultation with the Section 151 Officer, upon receipt of additional information following the Final Local Government Finance Settlement from Government or any further movement in the 2024/25 financial position, which may change some assumptions and therefore figures.   That the grants on the service grants list, as set out in Appendix 7 to the report, are approved, and where the value of any Government issued service grants is different from individual grants stated in Appendix 7, that any acceptance of the movement is delegated to the Section 151 Officer, in consultation with the Deputy Leader, subject to compliance with relevant procedural requirements.    That the amendments to the Outcome Delivery Plans (summarised in Appendix 6) be approved.     Reason for the Decision:    As contained within the report.   Alternative options considered:   None other than contained within the report.   Conflicts of interest declared:   None.   Dispensations granted in respect of a conflict of interest:   N/A