Agenda and decisions

Budget Executive, Executive - Thursday 6th February, 2025 10.00 am

Venue: Council Chamber , Corby Cube, George Street, Corby, NN17 1QG. View directions

Contact: David Pope 

Items
No. Item

1.

Apologies for absence

2.

Minutes of the Meeting Held on 19th December 2024 pdf icon PDF 177 KB

3.

Members' Declarations of Interest

4.

Notifications of requests to address the meeting

5.

Annual Budget Scrutiny Report 2025/26 (Budget Consultation Submission from the Budget Scrutiny Panel of Corporate Scrutiny Committee) pdf icon PDF 152 KB

Additional documents:

Decision:

RESOLVED

 

That the Executive:

 

a)      received the Annual Budget Scrutiny Report for 2025/26 from the Corporate Scrutiny Committee at Appendix A.

 

b)      endorsed the enhanced budget scrutiny process undertaken to scrutinise the draft budget for 2025/26.

 

c)       delegated authority to Executive Directors, in consultation with the Executive Portfolio Holders and the Chair of the Corporate Scrutiny Committee, to agree an action plan with a detailed timetable to formally respond to the recommendations in the report.

 

Reason for Recommendations:  To ensure that the Council complies with its Constitution, legislative requirements and best practice in setting the 2025-26 budget for North Northamptonshire Council. The recommendations aim to strengthen the alignment between the budget, the Council’s strategic priorities, statutory obligations; robust financial governance and scrutiny.

 

Alternative Options Considered:  None. The Corporate Scrutiny Committee is a statutory consultee in the budget-setting process and plays a key role in ensuring transparency and accountability in compliance with its statutory responsibilities.

6.

General Fund Final Budget 2025-26 and Medium-Term Financial Plan pdf icon PDF 701 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive endorsed the contents of the report and recommended the budget proposals on to Council for approval. This includes:

 

a)      the 2025-26 Revenue Budget for approval and adoption as set out in the report, which sets:

           

i.        a budget requirement of £827.905m including the Dedicated Schools Grant of £427.219m resulting in a net revenue budget requirement for the General Fund of £400.686m as set out in Appendix A.

 

ii.       a total Council Tax requirement for the Council’s own purposes of £214.835m as contained in paragraph 5.26.

 

iii.      an average Band D Council Tax of £1,827.06 for North Northamptonshire Council, representing an increase of 2.99% in the ‘core’ Council Tax and a further 2% for the Adult Social Care Precept, noting that a separate Council Tax Resolution Report will be presented to Council

 

iv.      pressures of £51.6m, including adjustments for the reversal of one-off funding in 2024-25, and savings, efficiencies and income proposals of £26.3m as detailed in Appendix B.

 

v.       the provisional Dedicated Schools Grant budget of £427.2m for 2025-26, as detailed in Appendix C, and summarised in paragraphs 5.48 to 5.86.

 

vi.      the draft planned use of, contribution to, and movement in, reserves as identified in paragraph 5.40, section 9 and Appendix D of the report, subject to the final call on reserves as a result of the Final Financial Settlement or other changes.

 

vii.     corporate budget requirements as set out in paragraph 8.1, including a contingency sum of £2.6m as set out in paragraph 8.2.

 

viii.    the Treasury Management Strategy for 2025-26 as set out in Appendix H.

 

ix.      the recommended Flexible Use of Capital Receipts Strategy as set out in Section 10 and Appendix J.

 

x.       that Council delegate authority to the Executive Director of Finance and Performance (Section 151 Officer) in consultation with the Executive Member for Finance and Transformation to agree any necessary variations to the budget prior to 1st April 2025.

 

xi.      that Council delegate authority to the Executive Director of Finance and Performance (Section 151 Officer) in consultation with the Executive Member for Finance and Transformation to agree the use of the following reserves which will provide the flexibility to manage the overall budget during 2025-26.

 

    Transformation Reserve

    Public Health Reserve

    Waste Management Reserve

    Adult Social Care Reserve

    Smoothing Reserve

    Business Rates Retention Reserve

 

b)      the forecast financial position for 2026-27 to 2028-29, noting that this will be reviewed as further information becomes available and updated as part of the budget process for 2026-27 onwards.

 

That the Executive:

 

a)      noted that the financial position has been based on the Provisional Local Government Finance Settlement announced on 18th December 2024 together with any further announcements and updates to the forecast budget position as at the date of the publication of this report;

 

b)      noted that, at the time of writing, the Final Local Government Finance Settlement is yet to be published and, therefore, some figures may be subject  ...  view the full decision text for item 6.

7.

Housing Revenue Account (HRA) Final Budget 2025-26 and Medium-Term Financial Plan pdf icon PDF 163 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive recommended to Full Council the following-

 

a.       The 2025/26 Housing Revenue Account Budget as set out in Appendix A.

 

b.       An increase in dwelling rents for 2025/26 of 2.7% which adheres to the Ministry of Housing, Communities and Local Government (MHCLG) rent setting formula.

 

c.       The Housing Revenue Account Medium Term Financial Plan for 2026/27 to 2029/30 as set out in Appendix B.

 

That the Executive

 

d.       Noted the forecast reserves for the Housing Revenue Account up to 2029/30 as set out in Appendix C.

 

e.       Noted the comments from the Corporate Scrutiny Committee as set out in Appendix D.

 

Reason for Recommendations:  To ensure that the Council complies with its Constitution in setting the budget for North Northamptonshire.

 

Alternative Options Considered:  This HRA budget has been the subject to a formal budget consultation and comments from the consultation have been considered as part of this process.

8.

Capital Programme 2025-2029 pdf icon PDF 159 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive recommended to Full Council:

 

a)      the General Fund Capital Programme 2025-29 and HRA Capital Programme 2025-29 as detailed in Appendix B and C.

 

b)      the Capital Strategy at Appendix A, including the authorised borrowing limit of £749.1m.

 

c)      the amendments required to The Constitution to reflect changes in the Capital Strategy, as detailed in Appendix E.

 

d)      that Council delegate authority to the Executive Director of Finance and Performance (Section 151 Officer) in consultation with the Executive Member for Finance and Transformation to agree any necessary variations to the capital budget prior to 1st April 2025.

 

That the Executive noted:

 

a)      the Development Pool 2025-29 as detailed at Appendix D and that schemes within the pool will be subject to further approval prior to inclusion in the programme.

 

Reason for Recommendations:  To ensure that the Council complies with its Constitution and legislative requirements in setting the budget for North Northamptonshire Council for 2025-26.

 

Alternative Options Considered:  Any comments from the consultation have been considered as part of this process.