Purpose

To consider an update on the impacts of the 2024/25 Finance Settlement and medium-term financial position and to approve revenue estimates and Council Tax for 2024/25.

Decision

RESOLVED –

THAT the Council be recommended:

1. To note the information set out in the report.
2. To note that the Council has not received any feedback following the consultation with Non-Domestic Ratepayers, and have due regard to the results of the equality impact assessment in Appendix G.
3. To agree:

(a)  That the council tax requirement for the year 2024/25 of £141,130,750 be approved.

(b)  That the calculations for determining the council tax requirement for the year  2024/25 in accordance with the Local Government Finance Act 1992 as set out in Appendix B be approved.

(c)  To note that the Greater London Authority (GLA) precept set out in this report is £471.40 for Band D and as shown for all bands in Appendix B and is subject to Greater London Authority approval of the budget on 27 February 2024.   

(d)  That the Council sets the amount of council tax for 2024/25 as detailed in Appendix B and notes that this will mean a Camden element of council tax of £1,539.17 (4.99% increase) for Band D residents not in Garden Squares be approved.  

(e)  That the Council hereby determines that its basic amount of council tax for the financial year 2024/25 is not excessive as outlined in paragraph 2.39 be approved.

             (f)   That the budget summary as set out in Appendix C be approved.

(g)  That the budget investments included in paragraph 2.18 to 2.36. including the continuation of the Cost-of-Living Crisis Fund be approved.

(h)  To note that the Section 25 notice detailed in paragraphs 7.1 to 7.20 summarising the assurance that the budget is set using sound assumptions and the level of reserves is deemed adequate.

(i)    That the Garden Squares levy requirement received for each Garden Square Committee for 2024/25 as shown in Appendix B be approved.

1. In relation to fees and charges;

(a)  That the new fees and charges and those increasing above 7% discussed in paragraphs 2.48 to 2.49 and in Appendix D1 and listed in Appendix D2 be approved.

(b)  Authority be delegated to the relevant Executive Director to decide increases to existing fees and charges up to a maximum of 7%, in consultation with the relevant portfolio holders.

1. That Council notes in paragraphs 2.55 to 2.62 the planned use of reserves, and in Paragraph 7.20 the adequacy of reserves as stated, and that no major allocations of general balances are being considered at this stage.
2. That having due regard to the obligations set out in section 149 of the Equality Act 2010 and having considered the results of the equalities impact assessment at Appendix F1:

(i)  That the new Council Tax second home 100% premium is chargeable on qualifying properties from 1 April 2025 and supersedes the 0% discount currently in place as detailed in paragraphs 2.63 to 2.64 and Appendix F be approved.

(ii) The qualifying period to be charged the 100% Council Tax premium on long term empty properties is reduced from 2 years to 1 year from April 2025 as detailed in paragraph 2.63 to 2.64 and Appendix F be approved.