Decision details

RECOMMENDED TO CABINET: The Finance, Audit and Risk Committee commented on the budget process, assumptions and risks contained within the report, in the context that Cabinet recommend to Council that:

(1)   Notes the position on the Collection Fund and how it will be funded.

(2)   Notes the position relating to the General Fund balance and that due to the risks identified a minimum balance of £2.6 million is recommended.

(3)   Notes the net revenue savings that are likely to be required in future years, combined with the Chief Finance Officer’s section 25 report (Appendix D) which provides a commentary on the risks and reliability of estimates contained in the budget.

(4)   Approves the revenue savings and investments as detailed in Appendix B.

(5)   Approves the capital programme as detailed in Appendix C.

(6)   Approves a net expenditure budget of £22.792m, as detailed in Appendix E.

(7)   Approves a Council Tax increase of 2.99%, which is in line with the provisions in the Medium-Term Financial Strategy.

(8)   Approves the Investment Strategy as detailed in Appendix F.

(9)   Approve the adoption of the four clauses in relation to the Code of Practice on Treasury Management (as detailed in paragraphs 8.32 to 8.35).

REASON FOR DECISION:

(1)   To ensure that all relevant factors are considered in arriving at a budget (revenue and capital) and Council Tax level for 2025/26. To ensure that the budget is aligned to Council priorities for 2024-28 as set out in the Council Plan.

(2)   The Council’s Investment Strategy is set to comply with relevant statutory guidance, including the CIPFA Prudential Code. The Strategy also sets out the Council’s approach to risks in relation to the investment of surplus cash.