Agenda, decisions and minutes

Members are asked to declare any interest and the nature of that interest which they may have in any of the items under consideration at this meeting.

There were no declarations of interest.

To confirm as a correct record the minutes of the meeting held on 10 December 2024.

To confirm as a correct record the minutes of the meeting held on 10 December 2024.

To receive communications from the Chairman.

There were no Chairman’s announcements.

The Chairman to advise whether they have agreed to any item of urgent business being admitted to the agenda.

There were no items of urgent business.

Report of Assistant Director of Finance

Purpose of report

To report to the committee the council’s financial positions at the end of the financial year 2024-2025.

Recommendations

The Budget Planning Committee resolves:

1.1      To note the contents of the report.

Resolved

(1)      That the report be noted

The Assistant Director of Finance (Section 151 Officer) submitted a report on the Council’s financial positions at the end of the financial year 2024/25.

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised the Committee that the Council’s forecast outturn position for 2024/25 was an overspend of £0.098k. The overspend was primarily due to variations in Law and Governance, Planning and Development, Property and Environmental Services.

The Portfolio Holder for Finance, Property and Regeneration explained that there was an overspend within Environmental Services in relation to gate fees of £0.200m which was currently being reviewed and consideration being given to what level of market risk policy contingency available to help mitigate this.

The Portfolio Holder for Finance, Property and Regeneration advised the Committee that there was a projected in-year underspend of £0.411m with £0.466m to be profiled into future years.

In response to a question from the Committee regarding the reported £0.195m under budget forecast variance within policy contingency, the Head of Finance advised that this was due to a higher forecast than needed for the final cost of living adjustment for the staff annual pay award.

Resolved

(1)      That the report be noted

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To submit the draft Capital and Investment Strategy for 2025-26 for recommendation by the committee to the Executive.

Recommendation

The Budget Planning Committee resolves:

1.1       To recommend the draft Capital and Investment Strategy for 2025-26 (Appendix 1) to Executive.

Resolved

(1)        That the draft Capital and Investment Strategy 2025/26 be recommended to the Executive.

The Assistant Director of Finance submitted a report for the Committee to consider the draft Capital Strategy and Investment strategy for 2025-26 and recommend to the Executive.

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised the Committee that the Capital Strategy and Investment Strategy must be approved by Full Council annually and must satisfy the requirements of government legislation and CIPFA guidance.

In relation to the Capital Strategy the Portfolio Holder for Finance, Property and Regeneration explained that the operation boundary for debt was proposed to be reduced from £290m to £200m. This was due to the Council changing the approach on how the limit had been calculated to better reflect the most likely scenario for external debt.

Resolved

(1)      That the draft Capital and Investment Strategy 2025/26 be recommended to the Executive.

Report of the Assistant Director of Finance

Purpose of report

To update Budget Planning Committee (BPC) on the Review of Reserves that has taken place in preparation of the budget for 2025/26 and the Medium-Term Financial Strategy (MTFS) 2025/26 – 2029/30.

Recommendations

The Budget Planning Committee resolves:

1.1       To note the outcome of the review of reserves and the forecast over the MTFS period.

1.2       To provide the Executive with feedback on whether the Committee supports the draft reserve allocations.

Resolved

(1)        That the outcome of the review of reserves and the forecast over the MTFS period be noted

(2)        That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.

The Assistant Director of Finance submitted a report to update Budget Planning Committee on the Review of Reserves that has taken place in preparation of the budget for 2025/26 and the Medium-Term Financial Strategy 2025/26 – 2029/30.

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised the Committee that an annual review of the council’s reserves was undertaken as part of the budget setting process to ensure the council maintained a prudent level of reserves over the medium term.

The Portfolio Holder for Finance, Property and Regeneration advised that, after conducting a risk assessment, it was proposed that the council increase its current minimum level of general balances from £6.129m to £7.852m. This was due to the level of uncertainty in the discussions of Local Government funding reforms.

Resolved

(1)      That the outcome of the review of reserves and the forecast over the MTFS period be noted

(2)      That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.

To review the Committee Work Plan.

Resolved

(1)        That, subject to a Committee request for an additional item to the 4 March 2025 meeting, an update on the Council’s transformation project, the work programme be noted.

The Committee considered its work plan. It was proposed by Councillor Wood and seconded by Councillor Sibley that at the next meeting of the Committee, the Committee be provided with an update on the Council’s transformation project.

Resolved

(1)         That, subject to a Committee request for an additional item, update on the Council’s transformation project, to the 4 March 2025 meeting, the work programme be noted.