The report sets out the Council’s General Fund budget proposals for the forthcoming financial year. This includes details of the financial settlement that will support service delivery, and a high level summary of planned expenditure by portfolio. The Council holds a number of reserves that it can draw upon to fund future expenditure. The level of reserves is noted within this report, along with an update of the Medium Term Financial Strategy.

RECOMMENDATIONS TO COUNCIL

1.    To have regard to the comments of the Executive Director (Section 151 Officer) in paragraph 4.7 of the report in respect of the requirements of the Local Government Finance Act 2003.

2.    That the 2025/26 General Fund Revenue Account net expenditure budget of £15.407m be approved.

3.    That the increase of the General Fund Reserve level held to 45% of the net budgeted revenue expenditure be approved.

4.    That delegated authority be given to the S151 Officer in consultation with the Portfolio Holder to make minor amendments to the Budget should it be necessary.

Reasons:

1.    It is a requirement for the Cabinet Executive and Council to take into account the requirements of the Local Government Finance Act 2003 in relation to the robustness of the budget and the adequacy of reserves.

2.    Cabinet and Council are required to consider and approve the General Fund Revenue Account budget proposals in order to set the budget and Council Tax for the forthcoming financial year.

3.    It is appropriate to review the General Fund Balance upper limit parameters given the financial uncertainty and the Council’s reserve levels.

4.    Minor amendments to the budget may become necessary prior to the commencement of the year in April, it is therefore appropriate to give delegated authority to allow these to be reflected in the budget.