Decision details

RESOLVED

That  (i)    Council considers and acknowledges the Section 151 Officer’s s25 report on the robustness of the proposed budget and the adequacy of the Council’s reserves, as set out in Appendix 4 to the report, including the factors which underpin the budget and specifically the need for exceptional financial support to balance the budget;

          (ii)   it be noted that the financial position has been based on the final Local Government Finance Settlement announced on 3 February 2025 together with any further announcements at that date;

          (iii)  it be noted that the net cost of services position includes previously agreed savings and pressures included in the ‘Business as Usual Budget’ approved by Council on 27 February 2025;

          (iv)  it be noted that Exceptional Financial Support (EFS) is required to balance the 2025/26 budget and that this has been granted by MHCLG, as per Appendices 2 and 8 to the report;

          (vi)  the Council’s position on Reserves, recognising the unique situation the Council faces, be noted;  

          (vii) it be noted that work on the medium-term financial position will continue during 2025/26, with more savings likely to be required to Council services to address future budget gaps;

          (viii) the full net cost of services requirement for 2025/26, including the impact of the historic borrowing position is £162.8m as per Table 3, be agreed;

          (ix)  the Council increases its share of Council Tax for a Band D household by £8.68 (2.99%), with other bands increased in line with the formula, be agreed;

          (x)   an amount of Council Tax be set for each valuation band in accordance with Section 30 of the Local Governance Finance Act, 1992 as set out in the Council Tax Resolution in Appendix 6 to the report, be agreed; and

          (xi)  quarterly updates on progress against the delivery of the Improvement and Recovery Plan including the budgeted savings on the revenue and capital monitoring position continue to be required.