Content

The Executive is asked to agree the following
recommendations:
1.1. To note known allocations to/from General Fund (GF)
Earmarked Reserves and note that these forecasts will be reviewed
throughout 2025/26 budget monitoring processes.
 
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
1.2. To?agree and recommend to Full
Council?the?proposed?Medium-Term Financial Strategy (MTFS)?and
2025/26 budget, including the underlying?MTFS principles, latest
in-year monitoring position and the budget assumptions.
1.3. To?agree and recommend to Full Council the?proposed?2025/26
net budgets by directorate.
1.4. 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.
1.5. To note?the?Dedicated?Schools?Grant (DSG)?settlement for
2025/26 and related funding assumptions following the Final Local
Government Finance Settlement on the 3 February 2025 (‘the
settlement’).
1.6. To note that the fees and charges policy and the General GF
fees and charges from 1 January 2025 are as agreed by Executive on
28 November 2024.
1.7. To agree the proposed fee increases for parking permits,
and suspensions, commercial waste, cemeteries and fixed penalty
notices.
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
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.
1.11. To note the Balance Sheet Analysis to support the
MTFS.
1.12. 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.
 
The Housing Revenue Account Budget and MTFS
1.13. To agree and recommend to Full Council, the balanced
2025/26 Housing Revenue Account (HRA) and note the latest estimates
over the 3-year MTFS period. 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.
1.15. To agree and recommend to Full Council the HRA 30-year
business plan.
 
Capital Investment and Treasury and Investment Management
1.16. To agree and recommend to Full Council, the proposed
2025/26 to 2029/30 capital programme and indicative capital
programme for 2030/31 to 2034/35.
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.
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.
1.19. To agree and recommend to Full Council the Capital
Strategy, Investment Strategy, Treasury Management Strategy and
Minimum Revenue Provision (MRP) Policy Statement.
 
Council Tax and Retained National Non-Domestic Rates
1.20. To agree and recommend to Full Council the calculations
required for the determination of the 2025/26 council tax
requirement and the level of council tax as detailed in Section 8
and summarised below:
• The 2025/26 council tax requirement of
£125,803,940)
• The relevant basic amount of Islington Band D council tax
of £1,521.72, a 4.99% increase compared to 2024/25
(comprising 2% specifically for expenditure on adult social care
and 2.99% for all expenditure), and that this is not
‘excessive’ in accordance with the council tax
referendum principles for 2025/26. (Table 29)
• The basic amount of Islington Band D council tax for
dwellings to which no special item relates (i.e. outside of the
Lloyd Square Garden Committee area) of £1,521.44.
 • The amount of 2025/26 council tax
(excluding the GLA precept) for each valuation band over each of
the council’s areas
 • The total amount of 2025/26 council
tax (including the GLA precept) for each valuation band over each
of the council’s areas.
1.21. To note the council’s estimated retained business
rates funding in 2025/26, as per the 2025/26 NNDR1 return.
1.22. To note the council’s forecast national non-domestic
rates (NNDR) position for 2024/25
 
Matters to consider in setting the Budget
1.23. 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.
1.24. To note the Monitoring Officer comments.
1.25. To note the Environmental Implications and Contribution to
Achieving a Net Zero Carbon Islington by 2030.
1.26. To note the Equality Impact Assessment (EQIA) and to take
full account of it in approving the overall budget and related
proposals.
1.27. To note that the council invited 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 and to note the
summary of responses received.
1.28. To agree and recommend to Full Council the Retail Relief
Scheme for 2025/26. 1.29. To agree and recommend to Full Council
the Pay Policy Statement for 2025/26.
 
2. To note the observations of the Corporate Resources and
Economy Resources Scrutiny Committee on the budget 2025/26
proposals.
 
3. That Resources officers be thanked for their
work on the budget proposals.
 
 
AGREED RECOMMENDATIONS
 
– as detailed in the report
– as detailed in the report
– none