Content

The Executive is asked to agree
the following recommendations:

1.1.       
To agree the annual budget for
the London Councils Grants Committee and proposed Islington
contribution, following consideration by the London Councils
Leaders’ Committee on 10 December 2024. (Paragraph
3.34) 

1.2.       
To agree the Housing Revenue
Account (HRA) rents and other HRA fees and charges for 2025/26
(Tables 17-19, and Appendix D2) 
The
Executive is asked to note and endorse the following
recommendations which will be referred to Full Council for
approval:
The General Fund Medium-Term
Financial Strategy (Section 3)

1.3.       
To?agree and recommend to Full
Council?the?latest assumed?Medium-Term Financial Strategy
(MTFS)?and 2025/26 budget, including the underlying?MTFS
principles, latest in-year monitoring position and the budget
assumptions. (Paragraphs 3.5-3.12, Table 1,?and?Appendix
A) 

1.4.       
To?agree and recommend to Full
Council the?proposed?2025/26 net budgets by directorate.
(Paragraph?3.13,?Table?3,?and?Appendix A) 

1.5.       
To agree and recommend to Full
Council the 2025/26 savings and note that individual savings may be
subject to individual consultation before they can be implemented.
(Paragraph 3.39, Table 8, and Appendix B) 

1.6.       
To
note?the?Dedicated?Schools?Grant (DSG)?settlement for 2025/26 and
related funding assumptions following the Provisional Local
Government Finance Settlement on the 18 December 2024 (‘the
settlement’). (Paragraphs 3.49-3.77) 

1.7.       
To note that the fees and charges
policy and the General Fund (GF) fees and charges from 1 January
2025 are as agreed by Executive on 28 November 2024. (Paragraph
3.80) 

1.8.       
To?agree and recommend to Full
Council?that the Section 151?Officer is delegated responsibility
for any technical adjustments required for the?2025/26?budget (in
line with the?council’s Financial
Regulations).  

1.9.       
To agree and recommend to Full
Council that centrally held demographic growth is allocated to
service budgets in-year 2025/26, only once a more evidenced
assessment is available and has been approved by the Section 151
Officer.
General Fund Contingency and
Reserves (Section 4) 

1.10.    
To?agree and recommend to Full
Council?the proposed Minimum GF Balance and Earmarked reserves
level at 25% of Core Spending Power, and to agree the?movements
to/from earmarked reserves assumed as part of the 2025/26 revenue
budget.?(Paragraphs 4.4-4.16, Table?11 and Appendix
C) 

1.11.    
To note the assessment of
compliance against the CIPFA Financial Management (FM) Code and
that this will be re-visited at least annually as part of the
budget process, with any actions or recommendations implemented on
an ongoing basis. (Paragraphs 4.17-4.19 and Appendix
J)

1.12.    
To note the Balance Sheet
Analysis to support the MTFS. (Paragraphs 4.20-4.22 and Appendix
F)
The HRA Budget and MTFS (Section
5) 

1.13.    
To agree and recommend to Full
Council, the balanced HRA 2025/26 and note the latest estimates
over the 3-year MTFS period. (Table 14, and Appendix
D1) 

1.14.    
To agree and recommend to Full
Council the 2025/26 savings and note that individual savings may be
subject to individual consultation before they can be implemented.
(Table 15, and Appendix D3) 

1.15.    
To note that the HRA 30-year
business plan is currently being updated to reflect latest
government policy. (Paragraph 5.2)
Capital Investment and Treasury
and Investment Management (Section 6) 

1.16.    
To agree and recommend to Full
Council, the proposed 2025/26 to 2029/30 capital programme and
latest indicative capital programme for 2030/31 to 2034/35.
(Paragraphs 6.1-6.6, Tables 20-21, Appendix E1 and Appendix
E2)

1.17.    
To agree and recommend to Full
Council the funding of the 2025/26 to 2034/35 capital programme and
to delegate authority to the Section 151 Officer, where necessary,
to apply capital resources to fund the capital programme in the
most cost-effective way for the council. 
(Paragraphs 6.11-6.12 and Table 22)

1.18.    
To note that inclusion of a
scheme in the capital programme does not in itself necessarily
grant permission to commit expenditure against the approved capital
budget. This remains subject to any additional approval
requirements of the council’s constitution, financial
regulations and procurement rules.
Council Tax and Retained
National Non-Domestic Rates (Section 8) 

1.19.    
To note that the detailed,
statutory council tax calculation and the recommendations for the
final 2025/26?council tax, including the Greater London Authority
(GLA) precept, will be included for agreement in the final Budget
Report to Executive on 13
February 2025 and Full Council on 27 February
2025.

1.20.    
To note that the council’s
2025/26 NNDR1, the detailed national non-domestic rates (NNDR)
estimate, will be finalised and certified by the Section 151
Officer ahead of the 31 January 2025 statutory deadline.
Matters to Consider in Setting
the Budget (Section 9) 

1.21.    
To have regard to the Section 151
Officer’s report on the robustness of the estimates included
in the budget and the adequacy of the proposed financial reserves
when making decisions about the budget and the level of council
tax, as required under Section 25(2) of the Local Government Act
2003. (Paragraphs 9.1-9.9) 

1.22.    
To note the Monitoring Officer
comments. (Paragraphs 9.10-9.15)

1.23.    
To note the Environmental Implications and Contribution
to Achieving a Net Zero Carbon Islington by 2030. (Paragraphs
9.16-9.21)

1.24.    
To note the Equality Impact
Assessment (EQIA) and to take full account of it in approving the
overall budget and related proposals. (Paragraphs 9.22-9.24
and Appendix G)

1.25.    
To note that the council is
inviting residents and NNDR payers (or representatives of NNDR
payers) in Islington to comment on the draft 2025/26 budget
proposals in this report, as required under Section 65 of the Local
Government Finance Act 1992. (Paragraphs
9.25-9.27) 

1.26.    
To agree and recommend to Full
Council the Retail Relief Scheme for 2025/26 (Appendix H and
paragraph 9.28).? 

1.27.    
To agree and recommend to Full
Council the Pay Policy Statement for 2025/26 (Appendix I and
paragraph 9.29)

 
 
AGREED 1. RECOMMENDATIONS

2.   
That thanks be extended to councillors and officers for their
work in achieving a balanced budget.
 
– as detailed in the report
– as detailed in the report
– none