Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
RESOLVED:
That Cabinet makes the following recommendations to Council on 4 February 2025.
Cabinet recommends that County Council:
6. Approves the Total Schools Budget of £738.7 million to meet the Council’s statutory requirement on schools funding (as set out in Section 9 of the 2025/26 Final Budget and Medium-Term Financial Strategy to 2029/30).
7. Approves the overall indicative Budget Envelopes for Directorates and individual services for the 2025/26 budget (Annex B) and that the Corporate Leadership Team be required to meet the revenue budget for the delivery of Council services.
8. That the Corporate Leadership Team be required to deliver the revenue saving plans as set out in Annex A.
9. Delegate powers to the Leader and Deputy Chief Executive & Director of Resources (Section 151 Officer) to finalise budget proposals and recommendations to County Council, updated to take into account new information in the Final Local Government Finance Settlement;’
10. Approves the total £1,398.8 million proposed five-year Capital Programme (comprising £1,016.8 million of budget and £382.0 million pipeline), including the £406.3 million annual Capital Budget for 2025/26 (Annex C).
11. Approves the Capital and Investment Strategy (Annex F - Sections 1 to 3), which provides an overview of how risks associated with capital expenditure, financing and treasury will be managed as well as how they contribute towards the delivery of services.
12. Approve the Treasury Management Strategy and Prudential Indicators (Annex F – Section 4) which set a framework for the Council’s treasury function to manage risks, source borrowing and invest surplus cash, as considered by the Audit & Governance Committee on 22 January 2025.
13. Approves the policy for making a prudent level of revenue provision for the repayment of debt - the Minimum Revenue Provision (MRP) Policy (Annex G).
14. Approves and reviews the re-set of the Earmarked Reserves, as set out in Annex D.
15. Notes that the investment in Transformation required to deliver improved outcomes and financial benefits is built into the proposed Medium-Term Financial Strategy (as set out in section 3 of 2025/26 Final Budget Report and Medium-Term Financial Strategy to 2029/30).
Reasons for decisions:
Council will meet on 4 February 2025 to agree a budget and to set the Council Tax Precept for 2025/26. Cabinet is required to recommend a budget to Council for consideration at this meeting. The budget directs available resources to support the achievement of the Council’s ambitions and priorities in the 2030 Vision and the Refreshed Organisation Strategy.
The budget will also support the delivery of the continuing transformational changes that are required to ensure that the Council can improve priority outcomes for residents, while managing growing demand for services and ensuring future financial sustainability.
Publication date: 29/01/2025
Date of decision: 28/01/2025
Decided at meeting: 28/01/2025 - Cabinet
Effective from: 06/02/2025
Accompanying Documents: