Agenda item

To consider the recommendations from the Corporate Policy Committee.

The Corporate Policy Committee, at its meeting on 6 February 2025, had considered a report on the Medium-Term Financial Strategy for Cheshire East Council for 2025-2029.

The Corporate Policy Committee had recommended to Council the recommendations set out on page 23 and 24 of the agenda pack.

It was reported that the table in paragraph 2.4 on page 91 of the agenda pack and the revenue budget summary table on page 136 of the agenda pack had been revised and circulated to Members.

Following debate, the recommendations were put to the vote, and in accordance with legislation, a recorded vote was carried out with the following results:

FOR

Councillors L Anderson, S Bennett-Wake, J Bird, L Braithwaite, J Bratherton, M Brooks, C Browne, L Buchanan, C Bulman, A Burton, C Chapman, D Clark, A Coiley, N Cook, S Corcoran, L Crane, B Drake, D Edwardes, K Edwards, M Edwards, H Faddes, E Gilman, M Goldsmith, M Gorman, C Hilliard, M Houston, D Jefferay, N Mannion, G Marshall, A Moran, R Moreton, J Place, J Priest, B Puddicombe, J Rhodes, H Seddon, G Smith, J Snowball, R Vernon, M Warren, F Wilson and B Wye.

AGAINST

Councillors S Adams, R Bailey, M Beanland, D Brown, R Chadwick, J Clowes, T Dean, S Edgar, R Fletcher, A Gage, S Gardiner, K Hague, E Hall, A Harrison,G Hayes,A Heler, S Holland, T Jackson, R Kain, A Kolker, R Morris, H Moss, M Muldoon,C O’Leary, J Pearson, B Posnett, J Pratt, P Redstone, J Saunders, M Sewart, L Smetham, John Smith, Julie Smith, L Smith, L Wardlaw, H Whitaker and J Wray.

The motion was declared carried with 42 votes for, 37 against and 0 not voting.

RESOLVED: That Council:

1.             note the report of the Council’s Chief Finance Officer (Section 151 Officer), contained within the Medium-Term Financial Strategy report, regarding the robustness of estimates and level of reserves held by the Council based on these budget proposals (as set out in Appendix A to the report, Section 2, Section 25 Statement).

2.             approve the Revenue estimates for the 2025/26 budget (as set out in Appendix A to the report, Section 2, Overview) and the medium-term Capital Programme estimates 2025-2029, as detailed in the Medium-Term Financial Strategy report 2025-2029 (as set out in Appendix A to the report, Section 2, Capital budget).

3.             approve the setting of Band D Council Tax of £1,882.04 representing an increase of 4.99%. This is below the referendum limit (including 2% ringfenced for Adult Social Care) and arises from the provisional finance settlement (as set out in Appendix A to the report, Section 1, Key Funding Assumptions).

4.             approve the utilisation of up to £25.3m conditional Exceptional Financial Support (Capitalisation Direction) via borrowing to balance the 2025/26 budget shortfall (as reflected in Appendix A to the report, Section 2, Balancing the Budget) and to delegate to the Chief Finance Officer (Section 151 Officer) to review the basis of funding through the 2025/26 year and report to the appropriate committee any recommended change to the funding basis of the Exceptional Financial Support. The 2024/25 planned use of Flexible Capital Receipts is increased to £1.518m, an increase of £0.518m from the £1m approved in the 2024-28 Medium-Term Financial Strategy Report to fund transformational projects within the Council (as set out in Appendix A to the report, Section 1, Key Funding Assumptions).

5.             approve the 2025/26 planned use of Flexible Capital Receipts as £1.0m (as set out in Appendix A to the report, Annex 5, Section 3).

6.             approve the allocation of Revenue Grant Funding for 2025/26 of £397.080m (as set out in Appendix A to the report, Annex 3), and delegates authority to the Chief Finance Officer, to approve supplementary estimates if the value of any named grant changes from the figures contained within Appendix A, Annex 3 (noting that all such variations will subsequently be reported to the appropriate committee, and that any new, previously unnamed, grants are subject to approval in-line with the Constitution).

7.             approve the allocation of Capital Grant Funding for 2025/26 of £99.122m (as set out in Appendix A to the report, Annex 4), and delegates authority to the Chief Finance Officer, to approve supplementary estimates if the value of any named grant changes from the figures contained within Appendix A, Annex 4 (noting that all such variations will subsequently be reported to the appropriate committee, and that any new, previously unnamed, grants are subject to approval in-line with the Constitution).

8.             approve the Capital Strategy (as set out in Appendix A to the report, Annex 5).

9.             approve the Prudential Indicators for Capital Financing (as set out in Appendix A to the report, Annex 5).

10.          approve the Investment Strategy; including the financial limits for various classifications of investment, and the investment decision making process set out in the Strategy (as set out in Appendix A to the report, Annex 6).

11.          approve the Treasury Management Strategy (as set out in Appendix A to the report, Annex 7) and the Minimum Revenue Position Statement for 2025/26 to 2028/29 (as set out in Appendix A to the report, Annex 5) which includes a change in the Minimum Revenue Position Policy, with effect from 1 April 2024.

12.          approve the Reserves Strategy (as set out in Appendix A to the report, Annex 8), which includes proposed movements to and from reserves.

13.          note that the Corporate Policy Committee considered the Budget Engagement exercise undertaken by the Council, as set out in Appendix B to the report, and the results contained within that report.