Purpose

To consider the Council Budget 2025/26 and the
4 Year Medium Term Financial Plan.

Content

RESOLVED:
1.            
Cabinet noted and supported the
following recommendations to Council:
a)           
The Council has consulted on
its draft budget proposals and a summary of these responses are
included at Annex A for Cabinet to consider before agreeing its
recommendations to Council.
b)           
Cabinet notes the report and
recommendations from the Budget and Resources Scrutiny Committee at
Annex B and considers these as part of its final recommendations to
Council.
c)            
That the Revenue Budget for
2025/26 totalling £270.178m be approved (Annex I).
d)           
That the Council Tax
Band D of £1.759.72 for the Milton Keynes element of Council
Tax, be approved.  This is a 4.99% increase on the previous
year (2.99% on the main element plus a 2.00% Adult Social Care
Precept);
e)           
That the Council Tax
requirement for the Council’s own purposes for 2025/26
(excluding parish precepts) of £175.329m, be
approved.
f)             
That the position for the
Dedicated Schools Grant of £407.174m and the Schools funding
block for 2025/26 be noted and the budget and formula allocations
for the High Needs Block and Early Years Block be approved (para
3.48 – 3.53).
g)           
That the parking account
estimate for 2025/26 and use of the surplus be approved. (Annex
J)
h)           
That the Housing Revenue
Account Budget for 2025/26 be approved (para 3.42 to 3.47 and Annex
K).
i)             
That increases to housing rents
are set at 2.7% for tenants (an average increase of £2.85 per
week) and 7.7% for shared owners (an average increase of
£7.35 per week), the maximum level allowable under the Rent
Standard (CPI + 1%) (para 3.44) be approved as per Annex
K.
j)             
Garage rents are not increased
for 2025/26 as per Annex K.
k)           
Housing Revenue Account service
charges be approved (Annex K3).
l)             
The Rent and Service Charge
Policy be approved. (Annex K4).
m)        
That the fees and charges for
2025/26 (including those fees and charges which are exceptions to
the Income and Collection Policy) be approved. (Annex F)
n)           
That the Capital Strategy be
approved. (Annex L)
o)           
That the Capital Programme for
2025/26 to 2029/30 be approved. (Annex M)
p)           
That the resource allocation
for the 2025/26 Tariff Programme be approved. (Annex N)
q)           
That the Treasury Management
Strategy for the 2025/26 to 2028/29 and the Treasury Policy
Statement, including the Minimum Revenue Provision Policy,
Borrowing Limits be approved. (Annex O)
r)            
That the financial forecast set
out in the Medium Term Financial Plan (MTFP), in relation to both
the resources and expenditure, be approved. (Annex T).
2.            
Cabinet is asked to note and
support the following recommendations:
a)           
The Housing Rent Affordability
and Market Context Report be noted. (Annex K2).
b)           
That the equalities impact
assessments for the Budget Reduction proposals, as set out in
Section 4 be noted.