Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2024/218

Contact: Kathy Wilcox, Head of Financial Strategy

Kathy.wilcox@oxfordshire.gov.uk

Report by Executive Director of Resources and Section 151 Officer

The Cabinet is RECOMMENDED to:

a)    Endorse the report and note the assumptions that will form the starting point for the 2025/26 budget as well as updates since the Medium Term Financial Strategy was agreed in February 2024 that need to be considered;

b)    Approve the budget and business planning process for 2025/26;

c)    Approve a three-year period for the medium-term financial strategy to 2027/28 and ten-year period for the capital programme to 2034/35

d)    Delegate to the Section 151 Officer in consultation with the Cabinet Member for Finance the decision on whether to continue to be a member of the North Oxfordshire Business Rates Pool and;

e) Note the requirement for the council to set a sustainable balanced budget which shows how income will equal spending plans

Recommendations approved.

Cabinet had before it a report on the budget and business planning process for 2025/26. It explained the process for developing and agreeing the budget for 2025/24 and the assumptions on which the Council’s current medium term financial strategy (MTFS) was based. It also provided updates on information arising from government and other announcements plus the on-going impact of challenges apparent in 2024/25 and new or emerging financial issues for 2025/26 and beyond which would be incorporated into the new MTFS.

In the absence of the Cabinet Member for Finance, Councillor Liz Leffman, Leader of the Council, presented the report.

During discussion the following points were made:-

·       Concern that the term "environment and climate action" used in the budget calculator is too general and should be reviewed

·       The Executive Director of Resources and Section 151 Officer explained that it had not been recommended that the Council plan beyond a 3 year period because of the current uncertainties with regard to government funding

·       The importance of resolving the position concerning the High Needs Block funding in Children’s Services

Councillor Leffman moved and Councillor Howson seconded the recommendations and they were approved.

RESOLVED to:

a)    endorse the report and note the assumptions that will form the starting point for the 2025/26 budget as well as updates since the Medium Term Financial Strategy was agreed in February 2024 that need to be considered;

b)    approve the budget and business planning process for 2025/26;

c)    approve a three-year period for the medium-term financial strategy to 2027/28 and ten-year period for the capital programme to 2034/35

d)    delegate to the Section 151 Officer in consultation with the Cabinet Member for Finance the decision on whether to continue to be a member of the North Oxfordshire Business Rates Pool and;

e)    note the requirement for the council to set a sustainable balanced budget which shows how income will equal spending plans.