This meeting of the full council will see attendees given information about the final accounts for 2023/24, the proposed budget and council tax for 2025/26, treasury management, capital investment strategy and flexible use of capital receipts. The meeting will be asked to approve the final accounts for 2023/24 and the proposed budget, treasury management strategy and capital strategy for 2025/26.

Accounts 2023/24

A statement of accounts for 2023/24 has been produced. It was considered by the Cabinet in July 2024, and includes the accounts for the Royal Borough of Greenwich, the Housing Revenue Account, and the Royal Borough of Greenwich Pension Fund. An audit of the accounts has been carried out by Forvis Mazars, who are the Council's external auditors¹. Forvis Mazars have identified some errors in the accounts, that do not affect the final reported position of the General Fund² or Housing Revenue Account³. These errors include:

• a £4.1m cumulative understatement of the net defined benefit pension liability
• a £3.9m overstatement of creditors, and
• a £2.9m understatement of land and buildings. The report pack also includes a draft audit report from Forvis Mazars in which they state that they are likely to issue an unqualified audit opinion, concluding that they believe the accounts are a true and fair view. The attendees will also receive Forvis Mazars' Audit Completion Reports for the Council and Pension Fund.

Budget and Council Tax 2025/26

The meeting will be asked to approve the proposed budget for 2025/26 and set the council tax. The proposed budget requires a 2.99% increase in the borough element of council tax and a 2% increase in the adult social care precept. This would mean an increase of £72 at Band D for the borough element. The meeting will be asked to agree the overall council tax level for the borough and approve the statutory calculations and resolutions.

The report pack also includes the council's Medium Term Financial Strategy for 2025/26 to 2028/29, which forecasts a budget gap for 2026/27 in excess of £40m. The budget gap is expected to grow to £68.9m in 2027/28 and £96.3m in 2028/29, so further savings will be required. £46.7m of investment has been agreed for 2025/26. Almost 70% of this is to support social care. £1.2m of new savings and income proposals have also been identified. The meeting pack contains a summary of these proposals. They include:

• alternative funding arrangements for Sparkle in the Park and Together
• a review of library opening times
• new investment in Adventure Play Centres and a review of the adventure play centres offer
• implementing 5 sustainable streets schemes, and
• a review of market fees and charges.

Schools Funding 2025/26

A schools funding formula for 2025/26 has been produced. The meeting pack contains a summary of the latest Dedicated Schools Grant position, which has been agreed by the Schools Forum.

Treasury Management

The meeting will be asked to approve the proposed Treasury Management Strategy for 2025/26. It includes the following:

• the Council’s Borrowing Strategy for 2025/26 which predicts £315m of borrowing will be required in 2024/25 and £230m in 2025/26,
• the annual investment strategy for 2025/26 which will see the Council making investments of up to £30m with individual counterparties⁴ and making investments of up to 5 years in duration.

Capital Strategy

The attendees will be asked to approve the Council’s Capital Strategy for 2025/26 which sets out the parameters for the Council’s Capital Programme. The programme itself is set out in an annex to the Strategy and is projected to cost a total of £2.038bn over the next 10 years. The Capital Strategy also includes the Council's approach to flexible use of capital receipts, including a summary of the programme’s performance to date.

Flexible Use of Capital Receipts

The meeting attendees will be asked to approve 5 flexible use of capital receipts bids worth £6.5m to be funded using capital receipts that were generated from the disposal of assets.
The largest of these, worth £3,964,000, is to fund the data, product and customer services teams within Digital & Customer Services. £1,500,000 has also been requested to fund the Repairs and Compliance Team within the Housing and Safer Communities Directorate. £750,000 will be allocated to fund a project to improve the provision of SEND services, and £290,000 is being requested to support change programmes in Health and Adult Services.