Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 11, 2025

Purpose:

Content: The recommendations in the Supplementary Report in Addenda 4 were approved with 40 votes in favour, 13 abstentions and no votes against.   The Council is RECOMMENDED to:   a.    have regard to the statutory report of the Executive Director of Resources and Section 151 Officer set out in Section 3.1 alongside Labour & Co-operative Group Section 3.1 in approving recommendations b to d below;   b.    (in respect of the budget and medium term financial strategy – at Section 4) approve the following:   (1)   the council tax and precept calculations for 2025/26 [at Section 4.3] and in particular: (i)     a precept of £533,328,633; (ii)   a council tax for band D equivalent properties of £1,911.40; (2)   a budget for 2025/26 [at Supplementary Section 4.4 which incorporates the changes set out in Section 4.2 amended by Labour & Co-operative Group Section 4.2 and further amendments in Supplementary Section 4.2.1]; (3)   a medium term financial strategy for 2025/26 to 2027/28 [at Supplementary Section 4.1 [which incorporates changes to the existing medium term financial strategy as set out in Section 4.2 amended by Labour & Co-operative Group Section 4.2 and further amendments in Supplementary Section 4.2.1]; (4)   the Financial Strategy for 2025/26 [at Section 4.5]; (5)   the Earmarked Reserves and General Balances Policy Statement 2025/26 [at Section 4.6 amended by Labour & Co-operative Group Section 4.6].  This includes: (i)  the Executive Director of Resources and Section 151 Officer’s recommended level of General Balances for 2025/26 [at Section 4.6], and (ii)       the planned level of Earmarked Reserves for 2025/26 to 2027/28 [at Section 4.6.1 amended by Supplementary Section 4.2.1 (see paragraph 6 below)].   c.     (in respect of capital – at Section 5) approve: (1)   the Capital & Investment Strategy for 2024/25 to 2034/35 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement [at Supplementary Section 5.1 which incorporates Section 5.3 amended by Labour & Co-operative Group Section 5.3]; (2)   a Capital Programme for 2024/25 to 2034/35 [at Supplementary Section 5.4 which includes new capital proposals set out in Section 5.3 and amended by Labour & Co-operative Group Section 5.3].   d.    (in respect of treasury management – at Section 5) approve: (1)   the Treasury Management Strategy Statement and Annual Investment Strategy for 2025/26 [at Section 5.2] including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments. (2)   that any further changes required to the 2025/26 Treasury Management Strategy be delegated to the Executive Director of Resources and Section 151 Officer in consultation with the Leader of the Council and the Cabinet Member for Finance.