Issue - decisions

General Fund Revenue Budget 2024/25 and Medium Term Financial Strategy 2024/25 to 2027/28

16/02/2024 - General Fund Revenue Budget 2024-25, and Medium Term Financial Strategy 24/25 to 27/28

That Cabinet agreed to recommend to Council that it:


1.  Notes the section 25 Report of the Executive Director of Finance and Commercial at Appendix A that confirms in particular the robustness of the estimates and the adequacy of the proposed financial reserves.


2.  Approve the 2024/25 budget on the basis of an increase in the general element of Council Tax of 7.99% and an increase in the Adult Social Care Precept element of 0.51%.


3.  Approves the Council Tax Resolution 2024/25 as set out in Appendix B on the basis that it is not excessive in accordance with the principles approved under section 52ZB and 52ZC of the Local Government Finance Act 1992 and as permitted by the proposed The Referendums Relating to Council Tax Increases (Principles) (England) Report 2024/25.


4.  Delegate authority to the Executive Director of Finance and Commercial, to place a notice in the local press of the amounts set under recommendation 3 within a period of 21 days following the Council's decision.


5.  Approve the Medium-Term Financial Strategy (MTFS) as set out in Appendix C, based on the estimated financial deficit in the Capitalisation Direction and to be funded by capitalisation of:


a. £23.078m for 2024/25

b. NOTE that the remaining years of the MTFS imply an estimated financial deficit totalling £27.460m, approval of which will be subject to annual approval to DLUHC


6.  Approve the overall General Fund revenue budget for 2024/25, as set out in Appendix D1 of £162.1m to include:


a. Growth for pressures of £13.855m

b. Inflationary pressures of £4.472m including pay and contract inflation

c. Proposed savings by Directorates of £12.206m in 2024/25, with further savings of £6.836m in 2025/26 and £1.796m in 2026/27


7.  Approve measures to control spending and improve the finances of the Council at Appendix F.


8.  Note the impact of a change in legislation to implement a 100% premium on Council Tax for properties left unoccupied for 1 year as opposed to 2 years as set out in Appendix G1, such change to take effect on 1 April 2024.


9.  Determine that Council Tax will be increased for furnished properties periodically occupied from 1 April 2025 in accordance with the Scheme for Properties Occupied Periodically at Appendix G2 and s.11C of the Local Government Finance Act 1992.


10.Agree that the Council Tax Support Scheme approved on March 9th 2023 should remain in place, with the exception of minor amendments for clarification purposes as set out in Appendix B1.


11.Delegates to Cabinet the authority to approve an increase in funding for the new Transformation project on receipt of a report and robust Business Plan.


The following was agreed by Cabinet:


1.  The write-off of individual debts over £15,000, with a total value of £646,000, as set out in Appendix H.


2.  Approve the proposed fees and charges for 2024/25 as set out in Appendix J (where these relate to executive functions);


3.  Approve the Contract Sum for Slough Children First Limited for 2024/25 as £39,044,000