82 Service Budgets 2025/26 (Corporate Policy Committee) PDF 206 KB
To receive the allocation of approved budgets for 2025-26.
Additional documents:
Minutes:
The committee considered the report which set out the allocation of the approved budgets for 2025-26 for the committee, following approval of the Medium-Term Financial Strategy (MTFS) 2025-26 to 2028-29 at Full Council on 26 February 2025.
It was confirmed that the full council held responsibility for setting the council’s overall budget framework and that treasury management responsibilities sat with the Finance Sub Committee. However, as the parent committee to the Finance Sub Committee, the Corporate Policy Committee had a role in retaining a holistic view of budget monitoring across the council. Assurance was provided that there were regular budget monitoring meetings and appropriate steps were in place to identify emerging issues which would be identified and communicated with members at the earliest opportunity.
The committee noted that during Financial Review 3 (FR3) reserves balances were forecasted to be £9.2m however this had since increased to £15.2m. The committee queried if this improvement was the result of the use of Exceptional Financial Support. Officers committed to providing a detailed written response.
It was highlighted that Collection Fund reserves were anticipated to reduce during 2024-26 despite gross council tax rates are going up and queried why. It was confirmed that the Collection Fund also included business rates and likely reflected changes following appeals. Officers committed to providing a detailed response.
The committee noted the capital programme included £14.5m for new ICT schemes and queried when the committee would receive a detailed report back on what these schemes were delivering and the link to transformation. It was confirmed that more detailed information would be provided in future finance reports which would include capital schemes and their link to transformation.
RESOLVED:
That the Corporate Policy Committee
1. Note the decision of the Finance Sub-Committee to allocate the approved revenue and capital budgets, related budget changes items and earmarked reserves to the Corporate Policy Committee, as set out in Annex A.
2. Note the financial reporting timetable for 2025/26 set out in Annex B as approved at Finance Sub-Committee on 10 March 2025.