11 2024/25 FINAL BUDGET AND MEDIUM-TERM FINANCIAL STRATEGY TO 2028/29 PDF 271 KB
Additional documents:
- 24-25 Final Budget Report and MTFS - Final, item 11
PDF 1 MB
- Annex A - Pressures and Efficiencies, item 11
PDF 454 KB
- Annex B - Detailed Revenue Budgets 2024-25, item 11
PDF 476 KB
- Annex C - Capital Programme 2024-25 to 2028-29 (002), item 11
PDF 150 KB
- Annex D - Projected Earmarked Reserves and Balances, item 11
PDF 147 KB
- Annex E - Council Tax Requirement, item 11
PDF 204 KB
- Annex F & G - Capital, Investment and TM Strategy 2425 and MRP Policy, item 11
PDF 991 KB
- Annex H - Consultation & Engagement Results, item 11
PDF 360 KB
- Annex I - Cumulative Equality Impact Assessment, item 11
PDF 264 KB
- Annex J - FM Code Summary 24-25, item 11
PDF 169 KB
- Webcast for 2024/25 FINAL BUDGET AND MEDIUM-TERM FINANCIAL STRATEGY TO 2028/29
Decision:
RESOLVED:
That Cabinet makes the following recommendations to
Council on 6 February 2024.
Cabinet recommends that Council:
-
Approves the net revenue budget requirement be set
at £1,197.1 million (net cost of services
after service specific government grants) for 2024/25 (Annex B),
subject to confirmation of the Final Local Government Financial
Settlement.
-
Approves the total Council Tax Funding Requirement
be set at £914.9 million for 2024/25. This is
based on a council tax increase of 4.99%, made up of an increase in
the level of core council tax of 2.99% and an increase of 2% in the
precept proposed by Central Government to cover the growing cost of
Adult Social Care (Annex E).
-
Notes that for the purpose of section 52ZB of the
Local Government Finance Act 1992, the Council formally determines
that the increase in core council tax is not such as to trigger a
referendum (i.e. not greater than 3%).
-
Sets the Surrey County Council precept for Band D
Council Tax at £1,758.60, which represents a 4.99% uplift.
This is a rise of £1.61 a week from the 2023/24 precept of
£1,675.08. This includes £251.44 for the Adult Social
Care precept, which has increased by £33.50. A full list of
bands is as follows:
-
Approves the use of £5m of earmarked reserves,
to enable additional targeted preventative and early intervention
investment in the event that the Final Local Government Finance
Settlement does not provide any additional funding to that
contained in the provisional settlement (paragraph 6).
-
Notes that underlying General Fund Balances are
projected to remain at £49 million as of 1 April
2024.
-
Approves the Total Schools Budget of £656.7
million to meet the Council’s statutory requirement on
schools funding (as set out in Section 9 of the 2024/25 Final
Budget and Medium-Term Financial Strategy to 2028/29).
-
Approves the overall indicative Budget Envelopes for
Directorates and individual services for the 2024/25 budget (Annex
B).
-
Approves the total £1,902.4 million proposed
five-year Capital Programme (comprising £1,291.3 million of
budget and £611.1 million pipeline) and approves the
£404.9 million Capital Budget in 2024/25 (Annex
C).
-
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.
-
Approves the policy for making a prudent level of
revenue provision for the repayment of debt - the Minimum Revenue
Provision (MRP) Policy (Annex G).
-
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 2024/25 Final Budget Report and Medium-Term Financial Strategy
to 2028/29).
13.Cabinet notes
that the Audit & Governance Committee has approved the
following at its meeting on the 17th January 2024: 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.
Reasons ...
view the full decision text for item 11
Minutes:
The report was introduced by the Leader who
explained that a draft budget had come to Cabinet in November and
would be taken to Full Council on 6 February for approval. At the
November meeting a budget gap of £13.5m had been identified,
the final budget contained within the Cabinet report addressed this
gap. The final budget would assume an increase in the level of core council tax of 2.99%
and an increase of 2% in the precept proposed by Central Government
to cover the growing cost of Adult Social Care. The increase in
council tax would put the council in a robust financial position. A
final settlement from Government would be announced on 5 February
which indicated an increase of funding by £600m, £500m
of this would be ringfenced for adult social care. The lobbying by
the council to government had been effective and acted on. The
Leader gave special thanks to the Prime Minister, Jeremy Hunt and
Michael Gove. The Leader reiterated the need for reform to funding
in Local Government and highlighted the services where there were
pressures including home to school transport.
The Cabinet Member for Finance and
Resources welcomed the final budget, thanking the Leader for his
lobbying of government. Officers were also thanked for helping
develop the final budget. Additional funding from government would
help the council to support vulnerable residents and invest for the
future. Cabinet Members welcomed additional funding from the
government especially for children and adults services. The Deputy
Leader and Cabinet Member for Customer and Communities welcomed the
£40m being made available for Your Fund Surrey from 2023-24
to 2025-26. The projects coming to fruition were supporting the
prevention agenda of the council and supporting vulnerable
residents.
The Leader noted that recommendation 5 in
the report would be updated ahead of the Full Council meeting to
reflect that earmarked reserves would no longer be used as
additional funding had been received by government.
RESOLVED:
That Cabinet makes the following recommendations to
Council on 6 February 2024.
Cabinet recommends that Council:
-
Approves the net revenue budget requirement be set
at £1,197.1 million (net cost of services
after service specific government grants) for 2024/25 (Annex B),
subject to confirmation of the Final Local Government Financial
Settlement.
-
Approves the total Council Tax Funding Requirement
be set at £914.9 million for 2024/25. This is
based on a council tax increase of 4.99%, made up of an increase in
the level of core council tax of 2.99% and an increase of 2% in the
precept proposed by Central Government to cover the growing cost of
Adult Social Care (Annex E).
-
Notes that for the purpose of section 52ZB of the
Local Government Finance Act 1992, the Council formally determines
that the increase in core council tax is not such as to trigger a
referendum (i.e. not greater than 3%).
-
Sets the Surrey County Council precept for Band D
Council Tax at £1,758.60, which represents a 4.99% uplift.
This is a rise of £1.61 a week ...
view the full minutes text for item 11