Purpose

To consider the Council Budget 2024/25 and the
Four Year Medium Term Financial Plan.

Content

RESOLVED:
1.            
That Council
agrees:
a)           
That the Revenue
Budget 2024/25 totalling
£256.140m be approved.
b)           
That the Council Tax
at Band D of £1,676.08 for the Milton Keynes element of the Council Tax, be approved.
This is an increase of 4.99% increase on the previous year,
consisting of a 2.99% general increase and 2.00% Adult Social Care
Precept.
c)            
That the Council Tax
requirement for the Council’s own purposes for 2024/25
(excluding Parish Precepts) of £162.906m, be noted.
d)           
That the following
amounts be calculated for the year 2024/25 in accordance with
Sections 31 to 36 of the Local Government Finance Act 1992 [the
“Act”]:

(i)

£653.977m

Being the aggregate of the amounts which
the Council estimates for the items set out in Section 31A(2) of the Act taking into account all precepts
issued to it by parish and town councils. (Gross expenditure
including precepts)

(ii)

£478.859m

Being the aggregate of the amounts which
the Council estimates for the items set out in Section 31A(3). (Net income excluding Council Tax
requirement)

(iii)

£175.118 m                                                                                                 

As its Council Tax requirement for the
year, being the amount by which the aggregate at (i) above exceeds the aggregate at (ii) above,
calculated by the Council, in accordance with Section 31A(4).

(iv)

£1,801.72

As the basic amount of its Council Tax
for the year (including Parish Precepts), being the amount at (iii)
above, divided by the Council Tax Base agreed on 5 December 2023.

(v)

£12,211,734

Being the aggregate amount of all special
items (Parish Precepts) referred to in Section 34(1) of the
Act.

(vi)

£1,676.08

Being the amount at (iv) less the result
given by dividing the amount at (v) above by the Council Tax Base
agreed on 5 December 2023, as the basic amount of Council Tax for
the year for Milton Keynes City Council, excluding Parish and Major
Precepting Authorities.

 

(e)     That the following amounts be
calculated for Milton Keynes City Council Tax:
Table A – Milton Keynes City Council
Tax

 

VALUATION BANDS

 

A
£

B
£

C
£

D
£

E
£

F
£

G
£

H
£

MKCC With 2.99%
Increase

975.06

1,137.57

1,300.08

1,462.59

1,787.61

2,112.63

2,437.65

2,925.18

ASC Levy With Further 2.00%
Increase

142.33

166.05

189.77

213.49

260.93

308.37

355.82

426.98

MKCC Total 4.99%

1,117.39

1,303.62

1,489.85

1,676.08

2,048.54

2,421.00

2,793.47

3,352.16

(f)   That the amounts given by multiplying the
amount at (vi) by the number which, in the proportion set out in
Section 5(1) of the Act, is applicable to all dwellings listed in
each particular valuation band divided by the number which in that
proportion is applicable to dwellings listed in Valuation Band D,
calculated by the Council, in accordance with Section 36(1) of the
Act.
(g)  
That for the year 2024/25, Police & Crime Commissioner for
Thames Valley, in accordance with Section 40 of the Local
Government Act 1992, has confirmed the following precepts to the
Council for each of the categories of dwellings:
Table B – PCC for Thames Valley Council
Tax

VALUATION
BANDS

A

£

B

£

C

£

D

£

E

£

F

£

G

£

H

£

179.52

209.44

239.36

269.28

329.12

388.96

448.80

538.56

(h)        
That for the year
2024/25, Buckinghamshire and Milton Keynes Fire
Authority, in accordance with Section 40 of the Local
Government Act 1992, has confirmed the following precepts to the
Council for each of the categories of dwellings:

 
Table C – Buckinghamshire and Milton
Keynes Fire Authority Council Tax

VALUATION
BANDS

A

£

B

£

C

£

D

£

E

£

F

£

G

£

H

£

52.97

61.80

70.63

79.46

97.12

114.78

132.43

158.92

(i)           
That as a result of
the above, the amounts of Council Tax (shown in Annex A and B) be
set in accordance with Sections 30 and 36 of the Local Government
Act 1992, for each of the categories of dwelling shown in the
Schedule.
(j)           
That the 2024/25
levies payable to the Buckingham and River Ouzel Internal Drainage
Board and the Environment Agency be noted.
(k)         
That the summary
results of the CIPFA Resilience Index
2022/23 (shown in Annex C) be noted.
(l)           
That the position for
the Dedicated Schools Grant of£367.347m and
the Schools block funding formula for
2024/25 be noted and the budget and formula allocations for the
High Needs and Early Years blocks be approved.
(m)      
That the forecast
parking surplus be noted.
(n)        
That the Housing
Revenue Account Revenue Budget 2024/25 be approved.
(o)        
That increases to
housing rents are set at 7.7% for tenants (an average increase of
£7.50 per week) and 7% for shared owners (an average increase
of £3.92 per week), the maximum level allowable under the
Rent Standard (CPI + 1%) (para 3.26) be approved.
(p)        
That following
consultation with tenants and leaseholders, changes to Housing
Revenue Account service charges be approved and implemented from 1
April 2024.
(q)        
That the Housing Rent
Affordability and Market Context Report be noted.
(r)          
That the fees and
charges for 2024/25 (including those fees and charges which are
exceptions to the Income and Collection Policy) be
approved.
(s)         
That the Capital
Strategy be approved.
(t)          
That the Capital
Programme for 2024/25 to 2028/29 be
approved.
(u)        
That the resource
allocation for the 2024/25 Tariff programme be noted and approved.
(v)         
That the Treasury
Management Strategy for 2024/25 to 2027/28 and the Treasury Policy
Statement, including the Minimum Revenue Provision Policy,
Borrowing Limits be approved.
(w)       
That the financial
forecast set out in the Medium Term
Financial Plan (MTFP), in relation to
both resources and expenditure, be noted.
(x)         
The equalities impact
assessments for the Revenue Budget 2023/24 be noted.
(y)         
That the final 2024/25
Business Rates Baseline estimate as reported in the NNDR1 return be noted
 
Refer to
Decision Sheet Annex for Annex A (2024/25 Basic Amount of Council
Tax) and Annex B (2024/25 Total Amount of Council Tax)