Decision Maker: Cornwall Council

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 25, 2025

Purpose:

Content: It was moved by Councillor Harris, seconded by Councillor Taylor and   RESOLVED   1.  That the Council Budget and Medium-Term Financial Plan proposals for 2025-2030 (Appendix 1), as updated, 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), as updated, together with the results of the public consultation (Appendix 3) are acknowledged and considered. 2.  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). 3.  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). 4.  That the relevant basic amount of Council Tax for the 2025/26 financial year be determined as being in accordance with the Referendums Relating to Council Tax Increases (Principles) (England) Report 2025/26. 5.  That the formal Council Tax resolutions set out in Appendix 6 be approved. 6.  That a net General Fund Budget for 2025/26 of £840.190m be set. 7.  That the Chief Executive and Strategic Directors be required to meet the revenue budget targets as set out in Appendix 1 (Annex 1) to the report, as updated, for the delivery of Council activity in 2025/26 and future years to 2029/30, as set within the Council’s MTFP. 8.  That consideration be given to the Section 151 Officer report on the level of General Fund Reserve. 9.  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 10.That the Capital and Investment Strategy 2025/26 – 2029/30, as set out in Appendix 5 to the report, be approved. 11.That the Council’s total Capital Programme be uplifted by £153.142m, as detailed in Table 7 of the report. 12.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. 13.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.