Agenda item

AGREED recommendations.

Reasons for the decision – as detailed in the report

Other options considered – none

Conflicts of interest / dispensations granted – none

RESOLVED:

The General Fund Budget 2024/25 and Medium Term Financial Strategy (MTFS)

(a) To agree and recommend to Council the latest assumed MTFS and 2024/25 budget, including the underlying MTFS principles, in-year monitoring position (to date) and the budget assumptions, as detailed in the report of the Executive Member for Finance, Planning and Performance.

(b) To agree and recommend to Council the proposed 2024/25 net budgets by directorate, as detailed in the report.

(c) To agree the annual budget for the London Councils’ Grants Committee and proposed Islington contribution, following consideration by the London Councils’ Leaders’ Committee on 12 December 2023, and to note that this would be reported for information to the Voluntary and Community Sector Committee on 30 January 2023.

(d) To agree and recommend to Council the 2024/25 savings detailed in the report, noting that individual savings might be subject to individual consultation before they could be implemented.

(e) To note the funding assumptions following the announcement of the Provisional Local Government Settlement on 18 December 2023.

(f) To note that the fees and charges policy and the General Fund fees and charges from 1 January 2024 were as agreed by Executive on 30 November 2023.

(g) To agree that a green garden waste chargeable service be introduced from 1 April 2024.

(h) To agree and recommend to Council that the Section 151 Officer be delegated responsibility for any technical adjustments required for the 2024/25 budget (in line with the Council’s Financial Regulations).

(i) To agree and recommend to Council that centrally held demographic growth be allocated to service budgets in-year once a more evidenced assessment was available and had been approved by the Section 151 Officer.

Reserves and Balance Sheet Strategy and CIPFA Financial Management Code Assessment

(j)  To agree and recommend to Council the Reserves and Balance Sheet Strategy, including proposed minimum reserves levels, and agree the movements to/from earmarked reserves assumed as part of the 2024/25 revenue budget, as detailed in the report.

(k) To note the assessment of compliance against the CIPFA Financial Management Code and that this would be re-visited annually as part of the budget process, with any actions or recommendations implemented on an ongoing basis.

(l) To note the balance sheet analysis, which provided a snapshot of the Council’s financial position detailing assets, liabilities and reserves, and aided understanding of the underlying financial position of the Council.

The Housing Revenue Account (HRA) Budget and Medium Term Financial Strategy (MTFS)

(m) To agree and recommend to Council the balanced HRA 2024/25 budget and note the latest estimates over the 3-year MTFS period.

(n) To agree the HRA rents and other HRA fees and charges for 2024/25, as detailed in the report.

(o) To agree and recommend to Council the 2024/25 savings and note that individual savings might be subject to individual consultation before they could be implemented.

(p) To note that the HRA 30-year business plan was currently being updated to reflect latest government policy

(q) To agree to delegate authority to the Acting Corporate Director of Homes and Neighbourhoods, in consultation with the Executive Member for Housing and Communities and the Corporate Director of Resources, to amend the heating and hot water charges, in year, between budget setting cycles.

Capital Investment and Treasury and Investment Management

(r) To agree and recommend to Council the proposed 2024/25 to 2026/27 capital programme and latest indicative capital programme for 2027/28 to 2033/34.

(s) To agree and recommend to Council the funding of the 2024/25 to 2033/34 capital programme and to delegate authority to the Section 151 Officer, where necessary, to apply capital resources to fund the capital programme in the most cost-effective way for the Council.

(t) To note that the final version of the budget report to the Executive on 8 February 2024 and to Council on 29 February 2024 would include the Capital Strategy, Minimum Revenue Provision Policy Statement, Treasury Management Strategy and Investment Strategy.

Council Tax and Retained Business Rates

(u) To note that the detailed, statutory council tax calculation and the recommendations for the final 2024/25 council tax, including the GLA precept, would be included for agreement in the final budget report to the Executive on 8 February 2024 and Council on 29 February 2024.

(v) To agree that authority be delegated to the Section 151 Officer to finalise the Council’s 2024/25 NNDR1 (detailed business rates) estimate, ahead of the 31 January 2024 statutory deadline.

Matters for consideration in setting the Budget

(w) That the following be noted:

- The need to have regard to the Section 151 Officer’s report on the robustness of the estimates included in the budget and the adequacy of the proposed financial reserves when making decisions about the budget and the level of council tax, as required under Section 25(2) of the Local Government Act 2003.

 - The Monitoring Officer comments.

- The Equality Impact Assessment and the need to take it fully into account in approving the overall budget and related proposals.

- That the Council was inviting residents and business rate payers (or representatives of business rate payers) in Islington to comment on the draft 2024/25 budget proposals in the report, as required under Section 65 of the Local Government Finance Act 1992.

(x) To agree and recommend to Council the Retail Relief Scheme for 2024/25

Reasons for the decision – to agree draft proposals in respect of the Council’s 2023/24 budget and level of council tax and the latest assumed medium term financial position, for approval by Council as appropriate

Other options considered – all as detailed in the report of the Executive Member for Finance, Planning and Performance

Conflicts of interest / dispensations granted – none