Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 11, 2025

Purpose:

Content: The Cabinet:   2.1.         Delegate to the Cabinet Member for Finance and Commissioning and the Director – Finance, Regulation and Enforcement (Section 151) responsibility to update the MTFS prior to Council to reflect any significant changes in the Final Local Government Finance Settlement for 2025/26, and any other changes necessary to finalise the Medium Term Financial Strategy prior to Full Council.   That Cabinet recommend to Council for approval:   2.2.         The 2025/26 Revenue Budget of £15,755,000, Council Tax Requirement of £8,215,000 and a District Council proposed Band D Council Tax for 2025/26 of £197.85 (an increase of £5 or 2.59%). 2.3.         The MTFS 2024-29 Revenue Budgets set out in APPENDIX A. 2.4.         The MTFS 2024-29 Capital Strategy including the 25 year capital investment model and the Capital Programme shown in APPENDICES B & C. 2.5.         The Minimum Level of General Reserves remaining at £2,000,000. 2.6.         The recommended approach to funding Business-as-Usual Capital Investment in 2028/29. 2.7.         The updated approach to budget pressures, additional income, specific grants and spend plans, potential forward funding of capital projects, the pay award in 2025/26 and Treasury Management income. 2.8.         The inclusion of an in-year growth/contingency budget of £1,036,830 in 2025/26. 2.9.         The Minimum Revenue Provision Statement for 2025/26, at APPENDIX D, which sets out the Council’s policy of using the asset life method for making prudent provision for debt redemption. 2.10.      Treasury Management Strategy Statement for 2025/26 at APPENDIX E. 2.11.      The inclusion of a new limit of £5m for UK domiciled Money Market Funds based on advice from Arlingclose in the Treasury Management Strategy Statement at APPENDIX E 2.12.      The Investment Strategy Report at APPENDIX F where no changes are recommended for 2025/26. 2.13.      The Capital and Treasury Prudential Indicators for 2024-29 in the financial implications section. 2.14.      The Authorised Limit Prudential Indicator shown within the financial implications section. 2.15.      2.15 The updated Corporate Fees and Charge Policy at APPENDIX H.   That the Cabinet notes:   2.16.      The requirements and duties that the Local Government Act 2003 places on the Authority on how it sets and monitors its Budgets, including the CFO’s report on the robustness of the Budget and adequacy of Reserves shown in APPENDIX G. 2.17.      The results of the Budget Consultation summarised at APPENDIX I.