Purpose

This
report seeks Cabinet’s approval to recommend to Full Council
the final budget proposals for the 2025-26 financial year, along
with the Medium Term Financial Plan 2025-30, Outcome Delivery
Plans, the annual Treasury Management Strategy, the annual Capital
and Investment Strategy and Capital Programme.  Prior consideration and scrutiny of the budget and
business plan proposals to be undertaken by the Budget Development
Overview and Scrutiny Committee in January 2025.

Content

DECISION:

 

RESOLVED TO RECOMMENDATION TO COUNCIL:
 

That
the Council Budget and Medium-Term Financial Plan proposals for
2025-2030 (Appendix 1), including the detailed budget proposals for
2025/26, are approved in order to provide the financial resources
that maintain strong delivery against the agreed Council Business Plan and that the Cumulative
Impact Assessment of these proposals (Appendix 2), together with
the results of the public consultation (Appendix 3) and the
comments of the Budget Development Overview and Scrutiny Committee,
are acknowledged and considered.

 

That
the Council Tax requirement for the Council’s own purposes be
set at £441.379m and it be confirmed that the Cornwall
Council element of the Council Tax be increased by 2.99%, plus a
levy of 2% to be spent solely on Adult Social Care, for the
financial year 2025/26 (an overall increase of 4.99%, equivalent to
a Band D charge of £1,987.20).

 

That
indicative future increases in Council Tax, subject to changes in
Council Tax limiting principles and future budget requirements, are
agreed for budget planning purposes at 4.99% across the period of
the Medium-Term Financial Plan (MTFP).

 

That a
net General Fund Budget for 2025/26 of £840.190m be
set.

 

That
the Chief Executive and Strategic Directors be required to meet the
revenue budget targets as set out in Appendix 1 to the report, for
the delivery of Council activity in 2025/26 and future years to
2029/30, as set within the Council’s MTFP.

 

That
consideration be given to the Section 151 Officer report on the
level of General Fund Reserve.

 

That
the Annual Treasury Management Strategy 2025/26, as set out in
Appendix 4 to the report, be approved including:

 
 
i. 
The Prudential Indicators and Treasury Indicators
2025/26 – 2029/30
 
ii. 
The Annual Investment Strategy 2025/26
 
iii. 
The Minimum Revenue Provision Policy
 

That
the Capital and Investment Strategy 2025/26 – 2029/30, as set
out in Appendix 5 to the report, be approved.

 

That
the revised Capital Programme, as detailed within the report, is
approved.

 

That
the Tamar Bridge & Torpoint Ferry Joint Committee 2025/26
Revenue Budget and Capital Programme and the 2025/26 draft Business
Plan, as referenced in section 4, are approved.

 

That
the exercise of the powers in sections 11B and 11C of the Local
Government Finance Act 1992 to levy the maximum council tax
premiums on empty homes and dwellings occupied periodically
(including second homes) continues for future financial years,
unless varied or revoked in accordance with the provisions of the
1992 Act.

 

RESOLVED:

That
the Deputy Leader be authorised to adjust the recommendations to
Full Council, in consultation with the Section 151 Officer, upon
receipt of additional information following the Final Local
Government Finance Settlement from Government or any further
movement in the 2024/25 financial position, which may change some
assumptions and therefore figures.

 

That
the grants on the service grants list, as set out in Appendix 7 to
the report, are approved, and where the value of any Government
issued service grants is different from individual grants stated in
Appendix 7, that any acceptance of the movement is delegated to the
Section 151 Officer, in consultation with the Deputy Leader,
subject to compliance with relevant procedural
requirements. 

 

That
the amendments to the Outcome Delivery Plans (summarised in
Appendix 6) be approved.

 

 

Reason for the Decision: 
 
As
contained within the report.
 

Alternative options considered:
 
None
other than contained within the report.
 

Conflicts of interest declared:
 
None.
 

Dispensations granted in respect of a conflict of
interest:
 
N/A