Agenda item

Report of Councillor P Kerry, Deputy Leader of the Council and Portfolio Holder for Strategic Leadership and Finance.

RESOLVED – That the following recommendations are made to Council on 27 January 2025:

(1)   That the view of the Director of Finance Resources, that the estimates included in the Medium-Term Financial Plan 2024/25 to 2028/29 are robust and that the level of financial reserves are adequate at this time, be accepted.

(2)   That officers report back to Cabinet and the Services Scrutiny Committee on a

quarterly basis regarding the overall position in respect of the Council’s budgets.

General Fund

(3)   A Council Tax increase of £6.29 will be levied in respect of a notional Band D

 property (2.99%).

(4)   The Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 of this report be approved as the Current Budget 2024/25, as the Original Budget 2025/26, and as the financial projections in respect of 2026/27 to 2028/29.

(5)   That the shortfall in the General Fund budget for 2025/26 as set out in Appendix 1 be met from reserves at this time.

(6)   That the General Fund Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29.

(7)   That any under spend in respect of 2024/25 be transferred to the Resilience

Reserve to provide increased financial resilience for future years of the plan.

Housing Revenue Account (HRA)

(8)   That Council sets its rent levels for 2025/26 in consideration of the Social Housing Rent Standard increasing rents by 2.7% from 1st April 2025.

(9)   The Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 of this report be approved as the Current Budget in respect of 2024/25, as the Original Budget in respect of 2025/26, and the financial projection in respect of 2026/27 to 2028/29.

(10)That the HRA Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29.

(11)That the Management Fee for undertaking housing services at £12.81m and the Management Fee for undertaking capital works at £1.1m to Rykneld Homes in respect of 2025/26 be approved.

(12)That Members note the requirement to provide Rykneld Homes with a ‘letter of comfort’ to the company’s auditors and grant delegated authority to the Council’s Director of Finance & Resources (S151 Officer) in consultation with the Deputy Leader of the Council to agree the contents of that letter.

REASONS FOR DECISION – . Cabinet sought to recommend budgets to Council in respect of the General Fund, the Housing Revenue Account, and the Capital Programme.

OTHER OPTIONS CONSIDERED AND REJECTED – The Council is required to set a budget each year. There are no alternative options being considered at this time.

Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.

Cabinet considered a report seeking approval of the Current Budget for 2024/25 and Original Budget for 2025/26 for the General Fund, Housing Revenue Account and Capital Programme as part of the Council’s Medium Term Financial Plan covering the years 2024/25 to 2028/29.  The report made a number of recommendations proposing to be taken by Council on 27 January 2025. 

RESOLVED – That the following recommendations are made to Council on 27 January 2025:

(1)          That the view of the Director of Finance Resources, that the estimates included in the Medium-Term Financial Plan 2024/25 to 2028/29 are robust and that the level of financial reserves are adequate at this time, be accepted.

(2)          That officers report back to Cabinet and the Services Scrutiny Committee on a

quarterly basis regarding the overall position in respect of the Council’s budgets.

General Fund

(3)          A Council Tax increase of £6.29 will be levied in respect of a notional Band D property (2.99%).

(4)          The Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 of this report be approved as the Current Budget 2024/25, as the Original Budget 2025/26, and as the financial projections in respect of 2026/27 to 2028/29.

(5)          That the shortfall in the General Fund budget for 2025/26 as set out in Appendix 1 be met from reserves at this time.

(6)          That the General Fund Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29.

(7)          That any under spend in respect of 2024/25 be transferred to the Resilience Reserve to provide increased financial resilience for future years of the plan.

Housing Revenue Account (HRA)

(8)          That Council sets its rent levels for 2025/26 in consideration of the Social Housing Rent Standard increasing rents by 2.7% from 1st April 2025.

(9)          The Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 of this report be approved as the Current Budget in respect of 2024/25, as the Original Budget in respect of 2025/26, and the financial projection in respect of 2026/27 to 2028/29.

(10)       That the HRA Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29.

(11)       That the Management Fee for undertaking housing services at £12.81m and the Management Fee for undertaking capital works at £1.1m to Rykneld Homes in respect of 2025/26 be approved.

(12)       That Members note the requirement to provide Rykneld Homes with a ‘letter of comfort’ to the company’s auditors and grant delegated authority to the Council’s Director of Finance & Resources (S151 Officer) in consultation with the Deputy Leader of the Council to agree the contents of that letter.

REASONS FOR DECISION – . Cabinet sought to recommend budgets to Council in respect of the General Fund, the Housing Revenue Account, and the Capital Programme.

OTHER OPTIONS CONSIDERED AND REJECTED – The Council is required to set a budget each year. There are no alternative options being considered at this time.