Purpose

To recommend to Council the General Fund Final
Budget 2024-25 and Medium-Term Financial Plan

Content

RESOLVED
 
KEY DECISION
 
That the Executive
endorsed the contents of the report and recommended the budget
proposals on to Council for approval. 
This includes:

 
a)
  the 2024-25 revenue budget for
approval and adoption as set out in this report, which sets:

i.       
a budget requirement of £763.773m including Dedicated Schools
Grant of £388.440m resulting in a net revenue budget
requirement of £375.333m as set out in Appendix A.

ii.      
a total Council Tax requirement for the Council’s own
purposes of £201.599m as contained in paragraph 5.25.

iii.     
An average Band D Council Tax of £1,740.22 for North
Northamptonshire Council, representing a 2.99% increase in the
‘core’ Council Tax and a further 2% for the Adult
Social Care Precept, noting that a separate Council Tax Resolution
Report will be presented to Council.

iv.    
the detailed proposals of savings, pressures and income generation for 2024-25 as set
out within the report and Appendix B.

v.      
the provisional Dedicated Schools Grant budget of £388.440m
for 2024-25, as detailed in Appendix C, and summarised in
paragraphs 5.42 – 5.56.

vi.    
the draft planned use of, contribution to, and movement in,
reserves as identified in paragraph 5.57, section 9 and Appendix D of this report, subject to
the final call on reserves as a result of the Final Financial
Settlement or other changes.

vii.   
the corporate budget requirements as set out in paragraph 8.1,
including a contingency sum of £4.101m as set out in
paragraph 8.2.

viii.  
the Treasury Management Strategy for 2024-25 as set out in
Appendix H, including the Authorised Borrowing Limit of
£907m and to note a further update to the Strategy will be
provided once the disaggregation of the former Northamptonshire
County Council’s Balance Sheet has been finalised.
 

ix.    
the recommended Flexible Use of Capital Receipts Strategy as set
out in Section 10 and Appendix J.

x.      
that Council delegate authority to the Executive Member for Finance
and Transformation in consultation with the Executive Director of
Finance and Performance (Section 151 Officer) to agree any
necessary variations to the budget prior to 1st April 2024.

xi.    
that Council delegate authority to the Executive Member for Finance
and Transformation in consultation with the Executive Director of
Finance and Performance (Section 151 Officer) to agree the use of
the following reserves which will provide the flexibility to manage
the overall budget during 2024-25.
 
•        
Transformation Reserve
•        
Public Health Reserve
•        
Waste Management Reserve
•        
Adult Social Care Reserve
•        
Budget Delivery Reserve
•        
Business Rates Retention Reserve
•     General Risk Reserve
 
b)   the forecast financial position for 2025-26 to
2027-28, noting that this will be reviewed as further information
becomes available and updated as part of the budget process for
2025-26 onwards.
 
 
That the
Executive:
 

a)     
noted that the financial position has
been based on the Provisional Local Government Finance Settlement
announced on 18th December 2023 together with any further
announcements and updates to the forecast budget position as at the
date of the publication of this report;
 

b)   
noted the net movement of £3.875m in 2024-25, together with
the associated funding, against the draft budget reported to
December Executive and as summarised in paragraph 2.5, noting that
any impact in the medium term has been reflected in the table under
paragraph 5.1;
 

c)   
noted that, at the time of writing, the
Final Local Government Finance Settlement is yet to be published
and, therefore, some figures may be subject to change;
 

d)   
considered the consultation feedback as summarised in the report
and attached at Appendix E;
 

e)   
considered the Equality Impact Screening Assessment as at
Appendix F;
 

f)     
considered the outcome from the Corporate Scrutiny Committee, as
detailed at Appendix G and any separate representations to
this Committee;                    
 

g)   
noted the legal background for setting the revenue budget and
Council Tax as set out in Appendix I.
 

h)   
considered the Section 25 Report of the Executive Director of
Finance and Performance (Section 151 Officer) as set out in Section
15, including her review of the robustness of the estimates and the
adequacy of the reserves;
 

i)     
delegated authority to the Executive
Member for Children, Education and Skills and the Executive Member
for Finance and Transformation in consultation with the
Executive Director for Adults, Health Partnerships and Housing (and
Children’s Services – Interim) and the Executive
Director of Finance and Performance (Section 151
Officer) to approve North
Northamptonshire’s Schools Funding Formula and to finalise
the funding allocation for schools, in line with North
Northamptonshire’s Schools Funding Formula;  
 

j)     
delegated authority to the Executive Member for Finance and
Transformation in consultation with the Executive Director of
Finance and Performance (Section 151 Officer) to draft the
recommended budget resolution for Council in accordance with the
necessary legal requirements and to take into account the decisions of the Executive and any final changes and other
technical adjustments that may be required;
 
 
Reason for
Recommendations: To ensure that the Council complies
with its Constitution and legislative requirements in setting the
budget for North Northamptonshire Council from 2024-25.

 
Alternative Options Considered – The budgets have been
subject to a formal budget consultation and scrutiny and the
feedback has been considered as part of this process.