Agenda item

Report of Assistant Director Finance (Section 151 Officer)

Purpose of report

To consider and approve the Budget Setting for 2025/26 and MTFS 2029/30 as per the recommendations.

Recommendations

The Executive resolves to:

1.1         Delegate authority to the Section 151 Officer (S151), following consultation with the Leader of the Council and Portfolio Member for Finance, to complete the legal Council Tax calculations once all the information required has been received and submit as appendices to the budget report to Council.

1.2         Delegate authority to the S151, following consultation with the Leader of the Council and Portfolio Holder for Finance, Regeneration and Property to make appropriate changes to the Executive’s proposed budget to Council including policies and plans.

The Executive resolves to recommend to Council as follows:

1.3         Approve the proposed Fees and Charges schedule for 2025/26 (Appendix 7) and statutory notices be placed where required.

1.4         Consider and note the Equality Impact Assessments of the Budget (Appendix 8)

1.5         In relation to the Corporate Plan (Section 4.1) to:

1.5.1    Approve the Corporate Plan set out in Appendix 1.

1.5.2    Note the Internal Perspectives set out in Appendix 2.

1.6         In relation to the Revenue Budget Strategy (Section 4.2) and Medium-Term Financial Strategy (MTFS) (Section 4.5) to approve:

1.6.1    The net revenue budget for the financial year commencing on 1 April 2025, as set out in Table 4.2.1, and further analysed in the Budget Book provided at Appendix 12.

1.6.2    The MTFS and Revenue Budget 2025/26 (Sections 4.5 and 4.2 respectively), including the Savings Proposals and Investments included at Appendices 4 and 5 respectively.

1.7         In relation to Council Tax to approve:

1.7.1    An increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2025 of £5, resulting in a Band D charge of £158.50 per annum.

1.8         In relation to the Capital Programme and related strategies (Section 4.3) to approve:

1.8.1    The Capital Bid(s) and Capital Programme at Appendices 17 and 18 respectively.

1.8.2    The Capital and Investment Strategy 2025/26 (Appendix 19), including the Minimum Revenue Provision (MRP) Policy.

1.8.3    The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2025/26 (Appendix 21).

1.9         In relation to reserves (Section 4.4) to approve:

1.9.1    A minimum level of General Balances of £7.8m as supported by Appendix 15.

1.9.2    The Reserves Policy (Appendix 14).

1.9.3    The medium-term reserves plan described in Appendix 16.

1.10      In relation to the Pay Policy Statement approve:

1.10.1The Pay Policy Statement, as required by the Localism Act 2010, detailed in Appendix 9.

Resolved

(1)          That authority be delegated to the Section 151 Officer (S151), following consultation with the Leader of the Council and Portfolio Member for Finance, Regeneration and Property to complete the legal Council Tax calculations once all the information required has been received and submit as appendices to the budget report to Council.

(2)          That authority be delegated to the S151 Officer, following consultation with the Leader of the Council and Portfolio Holder for Finance, Regeneration and Property to make appropriate changes to the Executive’s proposed budget to Council including policies and plans.

(3)          That Council be recommended to approve the proposed Fees and Charges schedule for 2025/26 (Appendix 7 to the report) and statutory notices be placed where required.

(4)          That Council be recommended to consider and note the Equality Impact Assessments of the Budget (Appendix 8 to the report).

(5)          That Council be recommended to approve the Corporate Plan (Appendix 1 to the report) and to note the Internal Perspectives (Appendix 2 to report).

(6)          That,  in relation to the Revenue Budget Strategy (Section 4.2 of the report) and Medium-Term Financial Strategy (MTFS) (section 4.5 of the report), Council be recommended to approve:

                      i.        The net revenue budget for the financial year commencing on 1 April 2025, as set out in Table 4.2.1 of the report, and further analysed in the Budget Book (Appendix 12 to the report).

                    ii.        The MTFS and Revenue Budget 2025/26 (Sections 4.5 and 4.2 respectively), including the Savings Proposals and Investments included at Appendices 4 and 5 of the report respectively.

(7)          That, in relation to Council Tax, Council be recommended to approve:

                     i.        An increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2025 of £5, resulting in a Band D charge of £158.50 per annum.

                    ii.        That for long term empty properties, from 1 April 2025 an additional council tax premium will be charged of 100 per cent for properties empty for one year or more, replacing the current 100 per cent premium that begins after 2 years of a property being empty.  All other empty property premiums will remain.

(8)          That, in relation to the Capital Programme and related strategies (Section 4.3 of the report), Council be recommended to approve:

                    i.          The Capital Bid(s) and Capital Programme at Appendices 17 and 18 to the report respectively.

                   ii.          The Capital and Investment Strategy 2025/26 (Appendix 19 of the report), including the Minimum Revenue Provision (MRP) Policy.

                 iii.          The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2025/26 (Appendix 21 of the report).

(9)          That, in relation to reserves (section 4.4 of the report), Council be recommended to approve:

                    i.          A minimum level of General Balances of £7.8m as supported by Appendix 15 to the report.

                   ii.          The Reserves Policy (Appendix 14 to the report).

                 iii.          The medium-term reserves plan described in Appendix 16 to the report.

(10)       That Council be recommended to approve The Pay Policy Statement, as required by the Localism Act 2010, detailed in Appendix 9 to the report.

The Assistant Director Finance (Section 151 Officer) submitted a report for Executive to consider and approve the Budget Setting for 2025/26 and Medium Term Financial Strategy 2029/30 as per the recommendations.

Executive members thanked the Portfolio Holder for Finance, Regeneration and Property, Assistant Director Finance (Section 151 Officer) and the Finance team for their hard work in putting forward the proposed budget.

Resolved

(1)            That authority be delegated to the Section 151 Officer (S151), following consultation with the Leader of the Council and Portfolio Member for Finance, Regeneration and Property to complete the legal Council Tax calculations once all the information required has been received and submit as appendices to the budget report to Council.

(2)            That authority be delegated to the S151 Officer, following consultation with the Leader of the Council and Portfolio Holder for Finance, Regeneration and Property to make appropriate changes to the Executive’s proposed budget to Council including policies and plans.

(3)            That Council be recommended to approve the proposed Fees and Charges schedule for 2025/26 and statutory notices be placed where required.

(4)            That Council be recommended to consider and note the Equality Impact Assessments of the Budget.

(5)            That Council be recommended to approve the Corporate Plan and to note the Internal Perspectives.

(6)            That,  in relation to the Revenue Budget Strategy and Medium-Term Financial Strategy (MTFS), Council be recommended to approve:

                           i.          The net revenue budget for the financial year commencing on 1 April 2025, as set out below, and further analysed in the Budget Book.

Directorate; Net budget 2025/26 £m

Communities: 12.120

Resources: 7.528

Service Sub-total: 19.648

Corporate Costs: 3.926

Policy Contingency: 2.620

Net Cost of Services: 26.194

                          ii.          The MTFS and Revenue Budget 2025/26, including the Savings Proposals and Investments.

(7)            That, in relation to Council Tax, Council be recommended to approve:

                          i.          An increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2025 of £5, resulting in a Band D charge of £158.50 per annum.

                         ii.          That for long term empty properties, from 1 April 2025 an additional council tax premium will be charged of 100 per cent for properties empty for one year or more, replacing the current 100 per cent premium that begins after 2 years of a property being empty.  All other empty property premiums will remain.

(8)            That, in relation to the Capital Programme and related strategies, Council be recommended to approve:

                         i.            The Capital Bid(s) and Capital Programme.

                       ii.            The Capital and Investment Strategy 2025/26, including the Minimum Revenue Provision (MRP) Policy.

                      iii.            The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2025/26.

(9)            That, in relation to reserves, Council be recommended to approve:

                         i.            A minimum level of General Balances of £7.8m.

                       ii.            The Reserves Policy.

                      iii.            The medium-term reserves plan.

(10)        That Council be recommended to approve The Pay Policy Statement, as required by the Localism Act 2010.

Reasons

This report provides information around the various building blocks that make up the proposed budget for 2025/26 and beyond, allowing members to consider and scrutinise the elements of the budget and provide advice and guidance to council to help further shape both budget setting for 2025/26 and the MTFS up to 2029/30.

Alternative options

It is a legal requirement to set a balanced budget and the recommendations as outlined set out a way to achieve this.  The following alternative option has been identified and rejected for the reasons set out below.

Option 1:

To reject the current proposals and make alternative recommendations.  Members will not be aware of the medium-term financial forecast or implications of alternatives if they choose to take this option.