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RESOLVED –
 
That the Borough Council agreed the following for recommendations made by Cabinet at its meeting
on 20 February 2024:
 
a)        
The General Fund revenue budget for the 2024/25
financial year as detailed in the report and itemised in Appendix A
of the attached report, resulting in a 4.99% increase in the
council’s element of the Council Tax;
b)        
The 4.99% increase in the council’s element of
the Council Tax comprises of the 2% Adult Social Care precept and a
2.99% general increase;
c)         
The savings proposals in Appendix B of the attached
report;
d)        
The fees and charges schedule in Appendix C of the
attached report;
e)        
The Housing Revenue Account budget for the 2024/25
financial year as detailed in paragraphs 6.1 to 6.20 of the
attached report;
f)          
The capital programme for 2024/25 to 2027/28 as
detailed in paragraphs 7.1 to 7.13 of the attached report and in
Appendix D of the attached report;
g)        
The Capital Strategy in Appendix E of the attached
report;
h)        
The Treasury Management Strategy 2024/25, Annual
Investment Strategy, Statement on Minimum Revenue Provision and
Prudential and Treasury Indicators and Approved Countries for
Investment as detailed in paragraphs 9.1 to 9.7 of the attached
report and in Appendix F of the attached report;
i)          
The Executive Director of Finance and Resources be
authorised to undertake the operational activity required to manage
cashflows including:
·       
authority during 2024/25 to make amendments to
borrowing and investment limits provided they are consistent with
the strategy and there is no change to the authorised limit for
borrowing;
·       
authority to borrow as per the approved borrowing
requirements set out in the Prudential and Treasury Indicators
without the additional requirement for a formal Chief Officer
Decision;
·       
authority to invest with institutions that meet the
creditworthiness criteria within the Annual Investment
Strategy;
j)          
That Borough Council will receive a mid-year report
and an outturn report on the implementation of the Treasury
Management Strategy 2024/25, and that Cabinet will receive a
quarterly update on treasury management performance for borrowing
and investments within the financial monitoring update
reports;
k)         
The Annual Procurement Plan in Appendix G of the
attached report;
l)          
The Climate Budget for publication, based on the
schedule at Appendix J of the attached report;
m)       
Note that at its meeting on 16 January 2024, Cabinet
approved the Council Tax Base for 2024/25 for the whole council
area as 90,700.8 [Item T in the formula in Section 31B of Local
Government Finance Act 1992, as amended (the
“Act”)];
n)        
Agree the Council Tax Requirement arising from
Cabinet’s proposed budget for 2024/25 at £137,830,000
[Item R in the formula in Section 31B of the Act];
o)        
Agree that the following amounts be calculated for
the year 2024/25 in accordance with Sections 31 to 36 of the
Act:
(i)        
£753,669,059 being the aggregate of the
amounts which the Council estimates for its total expenditure in
accordance with the items set out in Section 31A (2) of the
Act;
(ii)       
£615,839,059 being the aggregate of the
amounts which the Council estimates for its total income in
accordance with the items set out in Section 31A (3) of the
Act;
(iii)     
£137,830,000 being the amount by which the
aggregate (o)(i) above exceeds the aggregate at (o)(ii) above,
calculated by the Council in accordance with Section 31A (4) of the
Act as its Council Tax Requirement for the year (Item R in the
formula in Section 31B of the Act);
(iv)     
£1,519.61 being the amount at (o)(iii) above
(Item R), all divided by Item T at (m) above, calculated by the
Council, in accordance with Section 31B of the Act, as the basic
amount of its Council Tax for the year;
p)        
Note that for the year 2024/25 the Mayor of London
has issued a Greater London Authority (GLA) draft consolidated
budget setting out his proposed precept on the Council Tax in
accordance with Section 40 of the Local Government Finance Act 1992
for each category of dwellings in the Council’s area as
indicated in the table in recommendation (q) below;
q)        
Agree that, in accordance with Sections 30 and 36 of
the Local Government Finance Act 1992, Cabinet hereby calculates
the aggregate amounts shown in the table below as the amounts of
Council Tax for 2024/25 for each part of its area and for each of
the categories of dwellings;
 

Valuation Band

A

B

C

D

Banding Factor

6/9

7/9

8/9

9/9

Hounslow Council Tax
(£)

1,013.07

1,181.92

1,350.76

1,519.61

GLA Precept
(£)

314.27

366.64

419.02

471.40

Total Council Tax (£)

1,327.34

1,548.56

1,769.78

1,991.01

Valuation Band

E

F

G

H

Banding Factor

11/9

13/9

15/9

18/9

Hounslow Council Tax
(£)

1,857.30

2,194.99

2,532.68

3,039.22

GLA Precept
(£)

576.16

680.91

785.67

942.80

Total Council Tax (£)

2,433.46

2,875.90

3,318.35

3,982.02

 
r)          
Determine that the council’s basic amount of
Council Tax for 2024/25 is not excessive in accordance with
principles approved under Section 52ZB of the Local Government
Finance Act 1992;
 
s)         
The proposed re-alignment of earmarked reserves in
2023/24 as set out in paragraphs 11.8, 11.10 and 11.12 of the
attached report, specifically:
·       
the contribution of £0.6m to Unallocated
General Balances;
·       
the contribution of £7.5m to the Business
Rates Volatility risk reserve;
·       
the drawing of £4.0m from the Capital
Financing risk reserve;
·       
the transfer of £4.5m from Operational
Reserves to Strategic Investment Reserves as set out in Table
13;
t)          
The proposed drawings from earmarked reserves to
fund the 2024/25 budget as set out in Table 12 and paragraph 11.9
of the attached report, and to delegate any decisions relating to
the implementation of these reserve movements to the Executive
Director of Finance and Resources;
u)        
Agree that the council’s Council Tax Reduction
Scheme for 2024/25 is unchanged from the banded scheme implemented
with effect from 1 April 2023, other than for the uprating of
benefit rates in accordance with Government regulations;
v)         
The extension of charging an Empty Homes Premium of
100% on Council Tax to properties that have been unoccupied and
substantially unfurnished for between one and two years with effect
from 1 April 2024;
w)       
The introduction of a Second Homes Premium of 100%
on Council Tax to properties that are unoccupied and furnished with
effect from 1 April 2025;
x)         
Note the Acting Chief Financial Officer’s
Section 25 Statement and comments on the adequacy of reserves and
the robustness of the estimates underpinning the budget contained
in Appendix I and at paragraph 15.1 of the report.