Decision details

RESOLVED: That Council:

(1)   Noted the position on the Collection Fund and how it would be funded.

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

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

(4)   Approved the revenue savings and investments as detailed in Addendum Appendix B, as amended by additional proposals.

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

(6)   Approved a net expenditure budget of £22.914m, as detailed in Appendix E as amended.

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

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

(9)   Approved 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).

(10) Approved to increase Grant funding for Community Forums by £30,000 for 2025/26 only, in the light of the continued reduced support to local organisations from County Council Member Locality Budgets.

(11) Approved to set aside a contingency budget of £40k in 2025/26 that will allow cost effective feasibility work to be carried out to further assess whether there are viable options for a Learner pool at Royston Leisure Centre.

(12) Approved that once having spoken with residents, particularly in the rural communities, to add an additional Community Safety Officer post at a cost of £52,000 per year from 2025/26 onwards.

REASONS FOR DECISIONS:

(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.