3 2025/26 Budget and 2025-30 Medium Term Financial Strategy - Updated Information PDF 176 KB
A report updating Members on the 2025/26 Budget and 2025-30 Medium Term Financial Strategy, noting the latest resource and spending information, the advice and risk assessment on the level of general reserves.
Cabinet Portfolio Holder – Councillor Peter Butlin
Additional documents:
Minutes:
Councillor Peter Butlin (Deputy Leader and Portfolio Holder for Finance and Property) introduced this report which updated Members on the 2024/25 Budget and 2024-29 Medium Term Financial Strategy (MTFS). Councillor Butlin noted that the Government had committed to multi-year funding settlements from 2026-27 as part of a series of much wider reforms to Local Government funding and business rates. Assumptions made in the December report to Cabinet relating to a 4.99% council tax increase and £80m of savings to balance the five year MTFS continued in this report. Councillor Butlin highlighted key changes from the December estimates as set out in the report and pointed out that the report included the capital strategy, draft capital programme and the capital governance framework. In summary, the report presented a revenue budget position that would balance over the five year period, which was a strong position when compared to many other councils across the country.
Councillor Jerry Roodhouse questioned the North Warwickshire Council Tax Base set out in Table 2 of the report and Councillor Butlin advised that whilst this appeared unrealistic, it had been checked with the Borough Council who had confirmed it was correct. He suggested that it may be that there were houses in the system yet to be registered.
Resolved:
That Cabinet:
1. Notes the latest resource and spending information, the advice and the impact on the emerging budget proposals presented in the report;
2. Notes the Executive Director for Resources’ risk assessment on the level of general reserves, as detailed in Appendix A to the report;
3. Notes the draft Capital Strategy, Technical Annex and Capital Programme, as detailed in Appendices B to D to the report; and
4. Publishes, in light of the information provided, their 2025/26 budget resolutions for recommendation to Council on 6 February 2025.