Decision details

This report is the culmination of the Budget and Business Planning process for 2024/25 to 2028/29 and sets out the Executive’s proposed Business Plan and related revenue budget for 2024/25, medium term financial strategy to 2028/29, capital programme to 2028/29 and all supporting policies, strategies, and information to recommend to full Council.

Resolved

(1)          That authority be delegated to the Section 151 Officer, 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 a separate report to Council.

(2)          That authority be delegated to the S151 Officer, following consultation with the Leader of the Council and Portfolio Member for Finance, 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 2024/25 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 Business Plan.

(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 2024, as set out below, and further analysed in the Budget Book.

Directorate; Net budget 2024/25 £m

Communities: 8.917

Resources: 4.314

Chief Executive: 5.355

Service Sub-total: 18.586

Corporate Costs: 4.475

Policy Contingency: 3.872

Net Cost of Services: 26.933

                    ii.        The MTFS and Revenue Budget 2024/25, including the Savings Proposals and Pressures.

(7)          That, in relation to Council Tax, Council be recommended to approve an increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2024 of £5, resulting in a Band D charge of £153.50 per annum.

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

                          i.        The Capital Bids and Capital Programme.

                         ii.        The Capital and Investment Strategy 2024/25, including the Minimum Revenue Provision (MRP) Policy, and the revised 2023/24 MRP Policy.

                        iii.        The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2024/25.

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

                      i.        A minimum level of General Balances of £6.1.

                    ii.        The Reserves Policy.

                   iii.        The medium-term reserves plan.

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