The Council meeting on 6 March 2024 focused primarily on the approval of the council's budget for the upcoming financial year, including decisions on council tax, revenue and capital spending, and housing revenue accounts. Key decisions included an increase in council tax, the approval of significant capital investment plans, and the adoption of a new pay policy.

Budget and Council Tax

The council approved its budget for 2024/25, which includes a 2.99% increase in the general element of council tax and a 2% increase for the Adult Social Care precept. This results in an annual increase of £23.85 for a Band D property, equating to 46p per week. The total council tax for a Band D property will be £501.76. The Greater London Authority (GLA) precept will add a further £471.40. The council also agreed to continue the Westminster Community Contribution scheme, allowing residents to voluntarily contribute to youth services, support for rough sleepers, and initiatives for those experiencing loneliness.

An amendment proposed by the opposition to freeze the general element of council tax was defeated. The opposition's proposals included saving money by cutting the Community Priorities Programme, not allocating new resources for the ecological emergency, and reducing spending on temporary and agency staff. The Labour administration argued that these measures would lead to service cuts and were not prudent.

The approved General Fund net budget requirement is £205.545 million. This includes investments in the Fairer Westminster strategy, service cost pressures, additional resources for adult social care, and increased capital financing costs. Savings proposals and additional interest earnings also contribute to balancing the budget, with some funding drawn from earmarked reserves.

Capital Strategy and Investment Framework

The council adopted its Capital Strategy for 2024/25 to 2028/29, with a forecast position extending to 2037/38. This strategy outlines a gross capital budget of £2.604 billion and a net budget of £1.413 billion for the General Fund. The Housing Revenue Account (HRA) has its own separate capital programme. The strategy emphasizes that capital proposals align with the council's policy objectives and are integrated into financial planning.

The Integrated Investment Framework for 2024/2025 was also approved. This framework aims to achieve an overall return on council investments that at least meets inflation forecasts over the medium term, while also reducing costs and liabilities. The framework prioritizes strategic acquisitions and sets asset allocation ranges.

Treasury Management and Housing Revenue Account

The Treasury Management Strategy Statement for 2024/25 to 2028/29 was approved, along with the borrowing strategy, borrowing limits, Prudential Indicators, and the Annual Investment Strategy. The council also approved its Minimum Revenue Provision Policy and delegated authority to the Executive Director of Finance and Resources for obtaining a credit rating and appointing a Treasury consultant.

The Housing Revenue Account (HRA) 30-Year Business Plan and Housing Investment Plan for 2024/25 were adopted. This includes an HRA revenue budget for 2024/25 and a 5-year capital programme totalling £920.52 million, with a 30-year programme amounting to £2.493 billion. A key decision within this plan is a 7.7% rent increase for social housing tenants from 1st April 2024, in line with national policy. This increase is intended to help fund improvements to existing housing stock and manage debt levels. The council also approved an extension of the HRA Rent Support Fund by 12 months with an allocation of £1.050 million to assist tenants facing financial difficulties. Fees for garages, sheds, and parking will increase by 6.7%.

Pay Policy and Member Allowances

The council approved its Pay Policy for 2024-2025, which outlines policies on chief officer remuneration, bonuses, and termination payments.

The Members' Allowances Scheme for 2024-2025 was also approved, incorporating a 3.88% uplift across all allowances, reflecting the staff pay award. Future increases for 2024/25 and 2025/26 will be aligned with any agreed salary increases for council staff.

Other Matters

The council also noted the Fairer Westminster Delivery Plan 2024/25, which outlines actions to support the council's objectives. The minutes of the previous council meeting held on 24 January 2024 were signed. Councillor Max Sullivan was appointed as Relief Chair for the meeting.