The Westminster City Council meeting on 6 March 2024 saw the approval of the council's budget for the upcoming financial year, including a modest increase in council tax. Key decisions also included the adoption of the Capital Strategy, Integrated Investment Framework, Treasury Management Strategy, Housing Revenue Account Business Plan, and Pay Policy.

Budget and Council Tax Approved

The council approved its budget for 2024/25, which includes a 2.99% increase in the general element of council tax and a 2% increase for the Adult Social Care precept. This equates to an annual increase of £23.85 for a Band D household, or 46p per week. The total council tax for a Band D property will now be £501.76. The budget also incorporates £20.1 million in savings proposals and £11.9 million in new investments, alongside an £11.7 million contribution from earmarked reserves.

During the debate, the opposition proposed an amendment to freeze the general element of council tax, arguing for savings through the Community Priorities Programme, reallocating funds for the ecological emergency, and reducing spending on temporary and agency staff. However, this amendment was defeated.

The approved budget includes investments in various areas, such as:

• Cost of Living Support: An additional £1 million for food banks and local charities, and a top-up of over £1 million to the rent support fund, bringing the total spend on cost of living support to £21 million.
• Housing: An investment of an extra £85 million into the acquisitions fund to purchase new homes for temporary accommodation. The Housing Revenue Account (HRA) will see a 7.7% rent increase, with an additional £1.05 million earmarked for the Rent Support Fund.
• Public Realm and Safety: A new network of 100 mobile CCTV cameras to crack down on anti-social behaviour.
• Environment: Investment to meet the challenge of the ecological emergency, including energy efficiency improvements to council homes and a retrofit first policy in the partial review of the City Plan.
• Community Hubs: New community hubs are being developed across the city to provide integrated access to council, health, and voluntary sector services.
• Voluntary Sector Funding: £3 million in core funding grants over three years to 54 organisations.

Capital Strategy and Investment Framework Approved

The council adopted its Capital Strategy for 2024/25 to 2028/29, with a gross budget of £2.604 billion and a net budget of £1.413 billion. This strategy underpins the council's policy objectives and is integrated into the financial planning process. The Integrated Investment Framework for 2024/25 was also approved, aiming for overall investment returns that at least meet forecasts for inflation over the medium term, while reducing costs and liabilities.

Treasury Management and Housing Revenue Account Plans Adopted

The Treasury Management Strategy Statement for 2024/25 to 2028/29 and the Annual Investment Strategy for 2024/25 were approved. These set out the council's policies for managing its investments, prioritising security and liquidity. The Housing Revenue Account (HRA) 30-Year Business Plan and Housing Investment Plan for 2024/25 were also adopted. This plan supports the management of the council's 21,160 homes, including revenue and capital expenditure, and aims to deliver more social housing and improve existing stock.

Pay Policy and Member Allowances Agreed

The Pay Policy for 2024-2025 was approved, with no major changes from the previous year. The council also agreed to a 3.88% uplift across all member allowances (Basic and Special Responsibility Allowances) for 2024/25, in line with the staff pay award. Future increases for 2025/26 will be aligned with any agreed salary increases for council staff.

Other Discussions

During the meeting, councillors debated the budget and its implications, with the opposition criticising the council tax increase and certain spending priorities. The Labour administration defended its budget as ambitious and necessary to address the cost of living crisis and deliver essential services. The council also noted the passing of Honorary Alderman Barrie Taylor, a former Labour councillor and respected figure in Westminster.