Issue - meetings

That Cabinet:

a)        approve the overall General Fund, Capital & HRA Budget Strategy for 2025/26;

b)        note the consultation process with Members;

c)        note that Budget Officers continue work on the assessment of various budget proposals affecting services for consideration in setting the Council's budget; and

d)        note that Budget Managers work with finance officers in identifying further efficiency savings, increasing income from fees and charges and in identifying new sources of income.

The Business Manager - Financial Services presented a report which to set out the General Fund, Capital & Housing Revenue Account (HRA) Budget Strategy for 2025/26. The Strategy was considered by the Policy & Performance Improvement Committee at their meeting held on 24 June 2014 at which they recommended approval.

It was noted that the budget process would result in setting the budget and the Council Tax for 2025/26 and the HRA budget and the rent setting for 2025/26.

The Strategy took into consideration agreed financial policies on Budgeting and Council Tax, Reserves and Provisions, Charging, Value for Money and also a set of Budget Principles which set out the approach to be taken to the budget process. These policies had been reviewed and updated where necessary and were attached as appendices to the report.

The current Medium Term Financial Plan (MTFP) was approved on 7 March 2024. The report set out a summary of the financial forecast identified within the current MTFP assuming that Council Tax average Band D would increase by the same rate as in the 2024/25 financial year, namely 1.94%.

The report also set out a number of underlying assumptions which would be applied in compiling the draft budget for 2025/26 including staff costs, provision for inflation and fees and charges.

AGREED      (unanimously) that Cabinet:

a)            approve the overall General Fund, Capital & HRA Budget Strategy for 2025/26;

b)            note the consultation process with Members;

c)             note that Budget Officers continue work on the assessment of various budget proposals affecting services for consideration in setting the Council's budget; and

d)            note that Budget Managers work with finance officers in identifying further efficiency savings, increasing income from fees and charges and in identifying new sources of income.

Reasons for Decision:

To enable the Council’s budget process to proceed encompassing agreed assumptions.

Options Considered:

Not applicable, the Budget Strategy is required each year in accordance with the Council’s Constitution.