Purpose

To consider final budget proposals for
approval by Council.

Decision

Cabinet note:
 
1)        
The revised Medium Term Financial Strategy 2025/26 to 2028/29 as
detailed in Appendix 1 of the report.

 
2)        
The aims and objectives of the Medium Term Financial Strategy which
will be presented to Council for approval on 27 February 2025.
 
3)        
The formal budget public consultation began on 6 November 2024 and
ended on 3 January 2025. Following the
consultation, there are no changes to the budget proposals
and the outcome of the consultation is summarised in section 17 and
Appendix 6 of the report.
 
4)        
The budget proposals are based on the assumptions detailed within
the Medium Term Financial Strategy.
 
5)        
That the proposals provide for a balanced budget in 2024/25,
2025/26 and 2027/28, and further proposals will need to be
considered to address the future year budget gap in 2028/29.
 
6)        
That the Financial Policies have been reviewed and are detailed in
Appendix 4 of the report.
 
Cabinet recommend that Council:
 
note
 
7)        
The S151 Officer’s (Chief Finance Officer) statutory report
regarding the robustness of the estimates and the adequacy of
reserves detailed in section 10 of the report.

 
8)        
That the Chief Finance Officer (S151 Officer) on the 3 January 2025
calculated the Council Tax base for the whole Council area at
70,025.3 Band D equivalents and for dwellings in those parts of its
area to which a parish precept relates as per Appendix 2 [only
available for council report].
 
9)        
The county, police and fire authority precepts detailed in Appendix
3 [only available for council report].
 
10)     
That as the billing authority, the Council has not been notified by
any major precepting authority that its relevant basic amount of
Council Tax for 2025/26 is excessive and the billing authority is
therefore not required to hold a referendum, in accordance with
section 52ZK of the Local Government Finance Act 1992.
 
11)     
The risks and sensitivities within the financial forecasts
highlighted in section 9 and in Appendix 5 of the report.
 
Determine
 
12)     
That for the purposes of section 35 (2) (d) of the Local Government
Finance Act 1992, any expenses incurred by the Borough Council in
the financial year 2025/26 in performing functions in a part of the
district which elsewhere in the district are performed by a Parish
Council, shall not be special expenses of the Borough Council.

 
13)     
That its relevant basic amount of Council Tax for 2025/26
(£146.42 at Band D) reflects a £5.00 (3.54%) increase
which is not excessive in accordance with principles approved under
Section 52ZB of the Local Government Finance Act 1992.
 
approve:
 
14)     
The net Council Tax requirement of £10.25M for 2025/26, the
revenue estimates including the budget proposals in and
contributions to and from reserves summarised in sections 6 and 7
of the report.

 
15)     
The Medium Term Financial Strategy, as shown in Appendix 1 of the
report.
 
16)     
The financial policies set out in Appendix 4 of the report.
 
17)     
That the requirement for Council Tax for Borough purposes for
2025/26 be £146.42 (at Band D) as set out in Appendix 3 [only
available for council report].
 
18)     
The Council Tax Resolution as set out in Appendix 3 [only available
for council report] which brings together the Borough’s
Council Tax Requirement and that of the other major preceptors
(Hampshire County Council, Hampshire Fire and Rescue and The Police
and Crime Commissioner for Hampshire) and sets the Council Tax
charges for 2025/26.
 
19)     
That the S151 Officer (Chief Finance Officer) be given delegated
authority to implement any variation necessary to the overall level
of 2025/26 Council Taxes in the event
that any of the precepting authorities change their precept
calculation from that expected and reported at the Council
meeting.