Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: December 3, 2024

Purpose: To consider the Draft Council Budget 2025/26 and the 4 Year Medium Term Financial Plan.

Content: RESOLVED: 1.             That the Cabinet noted and endorsed the following draft budget proposals, which are subject to the outcomes of consultation, due to commence on 4 December 2024, and confirmation of the Local Government Finance Policy Statement and the Provisional Local Government Finance Settlement. The decision includes noting the Capital Programme and additional schemes and changes to the Programme with it noted that the decision to release funding will be made by the s151 Officer once confirmation of available funding has been received: (a)          the draft Revenue Budget for 2025/26 (attached at Annex A to the report) and the latest MTFS forecast for 2025/26 to 2028/29 (attached at Annex B to the report); (b)         to note the new budget pressures at Annex C and D; (c)          to note the proposed budget reductions and additional income proposals at Annex E; (d)         the provisional Council Tax at Band D of £2,439.77 for the Milton Keynes element of the Council Tax be agreed for consultation, a 4.99% increase on the previous year (2.99% core increase plus a 2.00% Adult Social Care Precept); (e)         the Council’s current estimate of the 2025/26 Business Rates Baseline at para 4.36, retaining the delegation to the Director of Finance and Resources to finalise this Baseline, based on the latest data for submission to Ministry of Housing, Communities & Local Government (MHCLG) in January 2025; (f)           the estimated position for the Dedicated Schools Grant and the planned consultation with the Schools Forum; (g)          that the Director - Children’s Services makes decisions around the school funding formula, the funding arrangements for pupils with high needs and the early year’s single funding formula for 2025/26 in consultation with the Cabinet Member for Children and Families and the Director for Finance and Resources (paragraphs 4.56 - 4.65); (h)         the proposed fees and charges for 2025/26, which are exceptions to the Income and Collection Policy (attached at Annex F of the report); (i)            the draft forecast parking surplus of £13.379m (attached at Annex G of the report); (j)            the draft Capital Programme for 2025/26 to 2029/30 (attached at Annex H of the report); (k)          the resource allocation for the draft Tariff Programme (attached at Annex I of the report); and (l)            the equalities impact assessments for the draft Revenue Budget 2025/26, as set out in Section 5. (m)       the draft Housing Revenue Account (HRA) budget which has been updated for technical adjustments, revenue pressures and savings and a refresh of the capital programme, including a rent increase of 2.7% for tenants and 7.7% for shared owners (attached at Annex N of the report).