Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: February 25, 2025

Purpose:

Content: *RESOLVED –   That it be recommended to Full Council:   1.   That the forecast outturn for 2024/25 which presents a surplus for the year of £910k to period 9, as set out in paragraph 4.13 of the officer’s report, be noted.   2.   That the overall revenue budget for 2025/26, as set out in Table 3 of the office’s report, be approved.   3.   That the use of £1m from the Business Rates Risk Reserve to partly mitigate the estimated reduction in Business Rates in 2026/27 and 2027/28, as set out in paragraph 4.54 of the officer’s report, be approved.   4.   That the creation of a Service Efficiency and Improvement Reserve to be funded from the uncommitted balance of £332k in the Service Redesign Reserve and £218k from the Budget Risk Reserve be approved and that authority be delegated for approving project spend from the new reserve to the Chief Executive, in consultation with the Leader of the Council, Deputy Leader and Cabinet Member for Finance and Asset Management and Service Director – Finance, as set out in paragraphs 4.57 – 4.61 of the officer’s report.   5.   That the submission of a proposal to employ flexible use of capital receipts in the financial years 2024/25 and 2025/26 be approved and that authority be delegated to amend and approve the final proposal to the Service Director – Finance (CFO), in consultation with the Deputy Leader and Cabinet Member for Finance and Asset Management.   6.   That the 2025/26 Council Tax Requirement and financing, as set out in Appendices D and E of the officer’s report, be approved.   7.   That the Council’s share of Council Tax be increased for properties in each band, a 2.99% increase for a Band ‘D’ property, in 2025/26 to £196.51, as set out in paragraph 4.48 of the officer’s report.   8.   That the Local Council Tax Support Scheme which remains unchanged for 2025/26, as set out in paragraph 4.51 of the officer’s report, be approved.   9.   That the Collection Fund and Tax Base forecasts, as set out in paragraphs 4.31, 4.47 and 4.50 of the officer’s report, be noted.   10.                That the financial projections in the Medium-Term Financial Plan (MTFP) for 2026/27 to 2027/28, as set out in Table 3 of the officer’s report, be noted.   11.                That the estimates of reserves including maintaining the General Working Balance at £1.5m, as set out at paragraph 4.64 and Table 4 of the officer’s report, be approved.   12.                That the budget risks and sensitivity analysis, as set out at Appendix B, and the Chief Finance Officer’s assurances, as set out in paragraphs 4.66 to 4.82 of the officer’s report, be noted.   REASON FOR DECISIONS   For the Council to meet the statutory requirements relating to setting the General Fund revenue budget and the level of Council Tax for 2025/26.