Decision Maker: Council, Cabinet

Outcome: For Determination

Is Key Decision?: No

Is Callable In?: No

Date of Decision: January 23, 2025

Purpose:

Content: RESOLVED – That the following recommendations are made to Council on 27 January 2025:   (1)   That the view of the Director of Finance Resources, that the estimates included in the Medium-Term Financial Plan 2024/25 to 2028/29 are robust and that the level of financial reserves are adequate at this time, be accepted. (2)   That officers report back to Cabinet and the Services Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets.   General Fund   (3)   A Council Tax increase of £6.29 will be levied in respect of a notional Band D  property (2.99%). (4)   The Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 of this report be approved as the Current Budget 2024/25, as the Original Budget 2025/26, and as the financial projections in respect of 2026/27 to 2028/29. (5)   That the shortfall in the General Fund budget for 2025/26 as set out in Appendix 1 be met from reserves at this time. (6)   That the General Fund Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29. (7)   That any under spend in respect of 2024/25 be transferred to the Resilience Reserve to provide increased financial resilience for future years of the plan.   Housing Revenue Account (HRA)   (8)   That Council sets its rent levels for 2025/26 in consideration of the Social Housing Rent Standard increasing rents by 2.7% from 1st April 2025. (9)   The Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 of this report be approved as the Current Budget in respect of 2024/25, as the Original Budget in respect of 2025/26, and the financial projection in respect of 2026/27 to 2028/29. (10)That the HRA Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2024/25, and as the Approved Programme for 2025/26 to 2028/29. (11)That the Management Fee for undertaking housing services at £12.81m and the Management Fee for undertaking capital works at £1.1m to Rykneld Homes in respect of 2025/26 be approved. (12)That Members note the requirement to provide Rykneld Homes with a ‘letter of comfort’ to the company’s auditors and grant delegated authority to the Council’s Director of Finance & Resources (S151 Officer) in consultation with the Deputy Leader of the Council to agree the contents of that letter.   REASONS FOR DECISION – . Cabinet sought to recommend budgets to Council in respect of the General Fund, the Housing Revenue Account, and the Capital Programme.   OTHER OPTIONS CONSIDERED AND REJECTED – The Council is required to set a budget each year. There are no alternative options being considered at this time.   Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.