97 BUDGET 2025/26 (REVENUE BUDGET AND INVESTMENT STRATEGY) PDF 380 KB
REPORT OF THE SERVICE DIRECTOR – RESOURCES
Cabinet recommends a budget for 2025/26 to Council for their consideration and approval.
Additional documents:
Decision:
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.
Minutes:
Audio recording 1 hour 56 minutes 30 seconds
N.B. Cllr Paul Ward declared an interest in this item due to his employment and left the Chamber for the duration of consideration of recommendation 2.8.
N.B. During the break Councillor Dominic Griffiths left the meeting and did not return.
The Chair advised that recommendation 2.8 would be taken ahead of recommendations 2.1-2.7 and 2.9 and the debate and vote on these would be taken separately.
The Chair invited Councillor Daniel Allen, as Leader of the Council, to introduce the referral from Cabinet.
N.B. Councillor Ruth Clifton left the Chamber at 21.29 and did not return.
Councillor Ian Albert, as the Executive Member for Finance and IT, presented recommendation 2.8 of the report entitled ‘Budget 2025/26 (Revenue Budget and Investment Strategy) and advised that:
· The Investment Strategy highlighted where the Council could invest surplus funds and included the prudential and treasury indicators.
· Capital spend implications meant that the Council would need to borrow to fund the capital programme and this meant that capital investment came with an increased cost.
· The Council would need to borrow externally in the longer term with a premium.
· Borrowing whether internally or externally resulted in a Minimum Revenue Position charge that was spread over the life of the asset it was used to fund.
Councillor Ian Albert proposed and Councillor Daniel Allen seconded and, the outcome of the recorded vote was:
VOTE TOTALS:
YES : 40
ABSTAIN : 0
NO : 2
TOTAL : 42
THE INDIVIDUAL RESULTS WERE AS FOLLOWS
Cllr Ian Albert YES
Cllr Amy Allen YES
Cllr Daniel Allen YES
Cllr David Barnard NO
Cllr Matt Barnes YES
Cllr Tina Bhartwas YES
Cllr Clare Billing YES
Cllr Sadie Billing YES
Cllr Ruth Brown YES
Cllr Val Bryant YES
Cllr Rhona Cameron YES
Cllr David Chalmers YES
Cllr Jon Clayden YES
Cllr Mick Debenham YES
Cllr Elizabeth Dennis YES
Cllr Emma Fernandes YES
Cllr Joe Graziano
Cllr Dominic Griffiths YES
Cllr Sarah Lucas YES
Cllr Keith Hoskins YES
Cllr Steve Jarvis YES
Cllr Tim Johnson YES
Cllr Chris Lucas YES
Cllr Ian Mantle YES
Cllr Nigel Mason YES
Cllr Bryony May YES
Cllr Caroline McDonnell YES
Cllr Ralph Muncer NO
Cllr Sean Nolan YES
Cllr Louise Peace YES
Cllr Vijaiya Poopalasingham YES
Cllr Sean Prendergast YES
Cllr Martin Prescott YES
Cllr Emma Rowe YES
Cllr Claire Strong
Cllr Tamsin Thomas YES
Cllr Tom Tyson YES
Cllr Laura Williams YES
Cllr Alistair Willoughby YES
Cllr Stewart Willoughby YES
Cllr Claire Winchester YES
Cllr Dave Winstanley YES
Cllr Donna Wright YES
Cllr Daniel Wright-Mason YES
RESOLVED: That Council:
(1) Approved the Investment Strategy as detailed in Appendix F.
REASON FOR DECISION: 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.
N.B. Following the conclusion of the vote on recommendation 2.8, Cllr Paul Ward returned to the Chamber for the rest of ... view the full minutes text for item 97