Agenda item

Executive Summary

This report presents for approval the budget for 2025/26 and to make statutory calculations in accordance with the Local Government Finance Act 1992 to set the Council Tax for 2025/26. The report also includes the Chief Finance Officer’s report on the robustness of the estimates and adequacy of reserves.

Options considered

It is a statutory requirement to set the budget each year, whilst there are options around the content of the budget presented for approval, the budget now recommended reflects the recommendations made by Cabinet at its meeting on 3 February 2025.

Consultation(s)

The proposed budget has been presented to the Overview and Scrutiny Committee for pre-scrutiny at its meeting on 22 January 2025. Public and business consultations have also taken place on the Council’s website and on all the Council’s other social media platforms.

Recommendations

That having considered the Chief Finance Officer’s report on the robustness of the estimates and the adequacy of the proposed financial reserves, the following be approved:

1)             The 2025/26 revenue budget as outlined at Appendix A;

2)             The service budgets detailed in Appendix B;

3)             The statement of the movement in reserves as detailed at Appendix C;

4)             The updated Capital Programme and financing for 2024/25 to 2027/28 as shown in Appendix D;

5)             The new capital bids recommended for approval as detailed at Appendix E;

6)             The statement of identified savings as detailed in Appendix F;

7)             That Members note the current financial projections for the period 2026/27 to 2028/29 that form the Medium Term Financial Strategy as presented as a Cabinet recommendation from its meeting on 3 February 2025;

8)             The the Optimum Level of the General Fund Reserve of £2.1m for 2025/26 to 2027/28;

9)             The Local Council Tax Support Scheme (LCTS) for 2025/26 as recommended for approval by Cabinet at its meeting on 3 February 2025;

10)          That Members undertake the Council Tax and statutory calculations set out at Appendix F, and set the Council Tax for 2025/26;

11)          The demand on the Collection Fund for 2025/26 is as follows:

a.         £7,812,584 for District purposes which reflects the recommended Council Tax increase of £4.95 for the district element for a Band D equivalent property

b.         £3,755,203 for Parish/Town Precepts;

to approve the 2025/26 budget for revenue and capital and to make the statutory calculations in respect of the 2025/26 Council Tax.

To note the two capital schemes that will come forward in due course as detailed in paragraphs 5.5 and 5.6 relating to Overstrand and the Watch House.

Reasons for recommendations

It is a statutory requirement to set the budget each year. To enable the Council to set a balanced budget.

Background papers

Budget reports and briefings, precepts (NCC, Police and Parishes)

Draft Revenue Budget Report for 2025/26 presented to Cabinet on 3 February 2025

Wards affected

All

Cabinet member(s)

All

Contact Officer

Tina Stankley

Director of Resources and s151 Officer

tina.stankley@north-norfolk.gov.uk