Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 12, 2025

Purpose: Update on budget process 2025-29 and progress towards setting a balanced budget and council tax for 2025/26. The report will also present the latest details on the MTFS 2025-29 and Capital Programme 2025-29.

Content: RESOLVED: A. That Cabinet considers and agrees the response to the Overview and Scrutiny Commission; B. That the Cabinet resolves that, having considered all of the information in this report and noted the positive assurance statement given by the Executive Director, Finance and Digital based on the proposed Council Tax strategy, the maximum Council Tax in 2025/26, equating to a Band D Council Tax of £1,598.05, which is an increase of below 5% inclusive of 2% Adult Social care flexibility be approved and recommended to Council for approval. C. That the Cabinet considers all of the latest information and the comments from the scrutiny process, and makes recommendations to Council as appropriate D. That Cabinet resolves that the Budget and Medium Term Financial Strategy 2025-29 including the General Fund Budget and Council Tax Strategy for 2025/26, and the Medium Term Financial Strategy (MTFS) for 2025-29 as submitted, along with the Equality Assessments (EAs), be approved and recommended to Council for approval subject to any proposed amendments agreed at this meeting;  E. That the Cabinet resolves that, having considered all of the latest information and the comments from the scrutiny process, the Capital Investment Programme (as detailed in Annex 3 to the Capital Strategy); the Treasury Management Strategy, including the detailed recommendations in that Section, incorporating the Prudential Indicators and the Capital Strategy as submitted and reported upon be approved and recommended to Council for approval, subject to any proposed amendments agreed at this meeting; F. That Cabinet notes that the GLA precept will not be agreed by the London Assembly until the 25 February 2025, but the provisional figure has been incorporated into the MTFS. G. That Cabinet request officers to review the savings proposals agreed and where possible bring them forward to the earliest possible implementation date. H. That Cabinet note that there may be minor amendments to figures and words in this report as a result of new information being received after the deadline for dispatch and that this will be amended for the report to Council in March. I. That Cabinet consider and approve the Risk Management Strategy. J. That Cabinet resolves that the Council’s Strategy for the Flexible Use of Capital Receipts 2024/29, as detailed in pages 26 to 28 of the Capital Strategy be approved and recommended to Council for approval subject to any proposed amendments agreed at this meeting.