Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

Cabinet recommends a budget for 2025/26 to Council for their consideration and approval.

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.

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