Purpose

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

Content

RESOLVED:
1.            
That the Cabinet noted and
endorsed the following draft budget proposals, which are subject to
the outcomes of consultation, due to commence on 4 December 2024,
and confirmation of the Local Government Finance Policy Statement
and the Provisional Local Government Finance Settlement. The
decision includes noting the Capital Programme and additional
schemes and changes to the Programme with it noted that the
decision to release funding will be made by the s151 Officer once
confirmation of available funding has been received:
(a)         
the draft Revenue Budget for
2025/26 (attached at Annex A to the report) and the latest MTFS
forecast for 2025/26 to 2028/29 (attached at Annex B to the
report);
(b)        
to note the new budget
pressures at Annex C and D;
(c)         
to note the proposed budget
reductions and additional income proposals at Annex E;
(d)        
the provisional Council Tax at
Band D of £2,439.77 for the Milton Keynes element of the
Council Tax be agreed for consultation, a 4.99% increase on the
previous year (2.99% core increase plus a 2.00% Adult Social Care
Precept);
(e)        
the Council’s current
estimate of the 2025/26 Business Rates Baseline at para 4.36,
retaining the delegation to the Director of Finance and Resources
to finalise this Baseline, based on the latest data for submission
to Ministry of Housing, Communities & Local Government (MHCLG)
in January 2025;
(f)          
the estimated position for the
Dedicated Schools Grant and the planned consultation with the
Schools Forum;
(g)         
that the Director -
Children’s Services makes decisions around the school funding
formula, the funding arrangements for pupils with high needs and
the early year’s single funding formula for 2025/26 in
consultation with the Cabinet Member for Children and Families and
the Director for Finance and Resources (paragraphs 4.56 -
4.65);
(h)        
the proposed fees and charges
for 2025/26, which are exceptions to the Income and Collection
Policy (attached at Annex F of the report);
(i)           
the draft forecast parking
surplus of £13.379m (attached at Annex G of the
report);
(j)           
the draft Capital Programme for
2025/26 to 2029/30 (attached at Annex H of the report);
(k)         
the resource allocation for the
draft Tariff Programme (attached at Annex I of the report);
and
(l)           
the equalities impact
assessments for the draft Revenue Budget 2025/26, as set out in
Section 5.
(m)      
the draft Housing Revenue
Account (HRA) budget which has been updated for technical
adjustments, revenue pressures and savings and a refresh of the
capital programme, including a rent increase of 2.7% for tenants
and 7.7% for shared owners (attached at Annex N of the
report).