Agenda item

Cabinet noted that the final figures would be updated following recent announcement of the final Financial Settlement from Government.  These will be updated in the papers for Council.

RECOMMENDED 1

It is recommended that Council note the revision to the Forecast for 2024/2025 as set out in the report.

RECOMMENDED 2

Council is recommended to approve the Policy on Earmarked Reserves and General Fund Balance and the maximum balances set for the reserves as noted in the report and at Appendix 8 of the report.

RECOMMENDED 3

That Council :

1) Approves the budget requirement of £26,329,130 for 2025/2026 and notes the projections for 2026/2027, 2027/2028 and 2028/2029.

2) Approves the Fees and Charges 2025/2026 detailed in Appendix 4a and 4b and approves the new Fees and Charges Policy at Appendix 4c

3) Approves the Pay Policy at Appendix 5

4) Approves the level of Special Expenses for the Town/Parish Councils as detailed in the report (Appendix 7).

5) Approves a Band D council tax of £152.87 for 2025/2026.

RECOMMENDED 4

That Council approves a minimum requirement of the General Fund balance for 2025/2026 of £1,316,460 (5% of estimated budget requirement).

RECOMMENDED 5

Pursuant to Section 25 of the Local Government Act, Council is asked to have due regard to this statement at Section 9 of this report when considering and approving the budget and the level of council tax for 2025/2026.

Click here to view the recording of this item on YouTube

Councillor Morley presented the report which explained that as part of the council tax setting process the Council updates its Medium-Term Financial Strategy (MTFS) to take account of any changes in financial settlements, inflation on service costs and revised priorities of the administration.

In February 2024 the Council approved its Medium-Term Financial Strategy and set its budget for the financial year 2024/2025. A significant budget gap was identified in 2024/2025 which could be managed through the use of reserves. However, the indicative position outlined for the period 2025/2026 to 2027/2028 forecast an unfunded budget gap totalling £9.227m.

The report set out the Council’s Finance Strategy for the financial year 2025/2026 and provided an update to the Medium-Term Financial Strategy (MTFS) forecast position for the period covering 2024/2029.

The report proposed a new Fees and Charges Policy, a Pay Policy and set out the special expenses for parish and town councils.

Cabinet Members congratulated Members and Officers on the delivery of the budget without cuts to services which it felt placed west Norfolk well for local government review.

Cabinet’ attention was drawn to the fact that on Appendix 2 of the report the recycling of batteries and small electrical appliances was already underway, but that a commercial food waste recycling service was planned.

The Meeting of the Joint Panels had supported the recommendations.

Cabinet noted that the final figures would be updated following recent announcement of the final Financial Settlement from Government.  These will be updated in the papers for Council.

RECOMMENDED 1

It is recommended that Council note the revision to the Forecast for 2024/2025 as set out in the report.

RECOMMENDED 2

Council is recommended to approve the Policy on Earmarked Reserves and General Fund Balance and the maximum balances set for the reserves as noted in the report and at Appendix 8 of the report.

RECOMMENDED 3

That Council :

1) Approves the budget requirement of £26,329,130 for 2025/2026 and notes the projections for 2026/2027, 2027/2028 and 2028/2029.

2) Approves the Fees and Charges 2025/2026 detailed in Appendix 4a and 4b and approves the new Fees and Charges Policy at Appendix 4c

3) Approves the Pay Policy at Appendix 5

4) Approves the level of Special Expenses for the Town/Parish Councils as detailed in the report (Appendix 7).

5) Approves a Band D council tax of £152.87 for 2025/2026.

RECOMMENDED 4

That Council approves a minimum requirement of the General Fund balance for 2025/2026 of £1,316,460 (5% of estimated budget requirement).

RECOMMENDED 5

Pursuant to Section 25 of the Local Government Act, Council is asked to have due regard to this statement at Section 9 of this report when considering and approving the budget and the level of council tax for 2025/2026.