Agenda item

Revenue and Capital Budget Plan 2024/25 – 2026/27 and Council Tax 2024/25

Report of the Executive Director of Corporate Resources and Customer Services

 

Minutes:

The Committee considered the report of the Executive Director of Corporate Resources and Customer Services on the Revenue and Capital Budget Plan 2025/26 – 2026/27 and Council Tax 2024/25.

 

The report provided:

 

·       an assessment of the Council’s current financial position and approach to the 2024/25 Budget Plan and preparation for the additional two-year budget period 2024/25 to 2025/26

·       an update on the Government’s announcement of resources that were available to the Council for 2024/25

·       the Council’s current financial position and the assumptions built into the Medium-Term Financial Plan

·       the proposed Budget for 2024/25; and

·       the proposed Capital Programme for 2024/25 to 2026/27 

 

The report also set out the financial strategy of the Council and the national and local financial context within which it was operating; and that the Council had a statutory requirement to remain financially sustainable and to balance its budget every year.

 

Attached as appendices to the report were the individual school budgets 2024/25; budget saving proposals; draft Council budget summary 2024/25; and the Capital Programme 2024/25 – 2026/27.

 

This report would also be considered by Cabinet and Council at their meetings to be held on 8 and 29 February 2024 respectively. The Council would be recommended:

 

(A)

In respect of the Budget 2024/25 and Medium-Term Financial Plan from 2025/26 to 2026/27 to:

 

(1)

note the update of the Medium-Term Financial Plan for the period 2024/25 to 2026/27;

 

(2)

approve the Revenue Budget for 2024/25 and authorise officers to undertake all of the necessary actions to implement the budget changes and proposals as detailed within the report;

 

(3)

approve the release of the Environmental Warranty Earmarked Reserve and the transfer of the amount released to General Balances;

 

(4)

approve the commencement of all appropriate activity required to implement the budget savings proposals as detailed in the report, including for example, consultation with employees and engagement with partners and contractual changes as the programme develops;

 

(5)

note that officers would comply with agreed HR policies and procedures including relevant consultation with Trade Unions and reports to the Cabinet Member - Regulatory, Compliance and Corporate Services as required.

 

(6)

note the Schools’ Forum decisions on the Dedicated Schools Grant and Individual School Budgets;

 

(7)

approve the allocation of specific grants as detailed in the report; and

 

(8)

approve, subject to the recommendations above, the overall Council Tax resolution for 2024/25 including Police, Fire, Mayoral and Parish Precepts;

 

(B)

In respect of the Capital Programme 2024/25 to 2026/27to: 

 

(1)

approve for inclusion within the Capital Programme the full list of projects in Appendix D;

 

(2)

approve a supplementary capital estimate for £7.387m for the Corporate Essential Maintenance Programme Phase 2 funded by capital receipts; and

 

(3)

approve a supplementary capital estimate for £1.865m for Green Sefton Equipment and Machinery funded by prudential borrowing.

 

The Committee was requested to consider the proposals within the report and to provide any comments to Cabinet which could be considered as part of the formal approval of the Budget Plan for 2024/25 – 2026/27 and the Council Tax for 2024/25.

 

A Member of the Committee asked a question about the impacts on the budget, and how they would be addressed, when income was anticipated but not achieved; and when losses were incurred that were not anticipated.

 

RESOLVED: That

 

(1)

the update of the Medium-Term Financial Plan for the period 2024/25 to 2026/27 be noted; and

 

(2)

the Executive Director of Corporate Resources and Customer Services and his staff be thanked for the production of the detailed reports for consideration at this meeting and their overall efforts in formulating the Council’s budget for consideration by Council.

 

 

 

Supporting documents: