Decision details

1.      That the assumptions set out in respect of Government funding, council tax, inflation rates and fees and charges (set out in full in section 13 of report CAB3522) and the projections set out in Appendix 1 of the report be noted.

2.      That the Medium-Term Financial Strategy be approved as set out in sections 13 to 17 of the report. 

3.      That the following one-off revenue budget growth requests be approved;

            i.       An additional £0.3m revenue budget, funded by the transitional reserve, towards the Community Governance Review.

          ii.        A revenue budget of £2.280m, funded by the transitional reserve, towards the Local Government Review.

         iii.       A revenue budget of £0.03m in 2025/26, to be funded by higher than budgeted Parking income, towards additional Parking Enforcement overtime costs.

         iv.       A revenue budget of £0.05m in 2025/26, funded by the property reserve, for fees to design and plan works to the Guildhall.

4.      That a detailed budget be prepared for consideration by Council in February 2026 based on the assumptions set out in this MTFS; final spending review announcements; and including the following options shown in Appendix 2 and Section 14 of the report:

a.         That, in relation to services:

                             i.    Forecast increase in utility costs of £0.15m per annum.

                            ii.     Forecast annual savings of £0.3m per annum due to a reduction in the employer’s pension scheme contribution from 18.0% to 15.9%.

                           iii.    An additional baseline £0.115m revenue budget for the permanent recruitment of a Corporate Head of Resources.

b.         That, in relation to other annual budgets:

                             i.    Forecast increase in democratic costs of £0.085m

                            ii.     Increase in garage maintenance budgets of £0.120m per annum.

c.          In relation to management of the council’s property assets:

                             i.    An additional £400,000 per annum be set aside into the Property Reserve for the maintenance of and investment in operational assets.

                            ii.     An additional £100,000 per annum baseline revenue budget, for new requirements highlighted by the latest Asset Management plan and uplifts to existing maintenance budgets.

5.      That the following regarding Car Parking fees from October 2026 be approved:

a.      Freeze on park and walk and market town car park fees

b.      CPI increase to all central parking and overnight charges, generating an additional £150,000 per annum (£85,000 in 2026/27)

6.      That a capital budget of £100,000 be approved, funded by the Homelessness risk reserve, for the conversion of Stable Yard, to the rear of 59 Colebrook St, for temporary accommodation. This is subject to a business case and subsequent approval of expenditure under Financial Procedure Rule 7.4.