Agenda item

Division/Wards Affected: All

Purpose: To update Cabinet with the consultation responses to the draft budget proposals issued by them on the 22nd of January in respect of the Capital and Revenue budgets for 2025/26.

To make recommendations to Council on the Capital and Revenue budgets including the level of Council Tax for 2025/26.

To receive the statutory report of the Responsible Financial Officer on the budget process and the adequacy of reserves.

To receive the Responsible Financial Officer’s Prudential Indicator calculations for capital financing.

Author:  Jonathan Davies, Head of Finance

Contact Details:  jonathandavies2@monmouthshire.gov.uk

That Cabinet considers the responses to consultation and recommends to Council:

a) The 2025/26 revenue budget as attached in Appendix B.

b) The 2025/26 capital budget and indicative 2026/27 to 2028/29 budgets as attached in Appendix H.

That a 7.8% increase in the Band “D” equivalent Council Tax is applied for County Council purposes for 2025/26. Cabinet asks that efforts continue to be maximised to ensure that individuals and households eligible for council tax exemptions or reductions claim the benefit available to them.

That Cabinet approves changes to proposed saving and pressures, updated following public consultation, scrutiny and more up to date information being made available since the draft proposals were released on consultation on 22nd January 2025.

That Cabinet considers the Responsible Financial Officer’s report on the robustness of the budget process and adequacy of reserves issued under the provisions of the Local Government Act 2003 and an assessment of the current and future financial risks facing the Council.

That Cabinet adopts the Responsible Financial Officer’s recommendation for the prudential Indicators for capital financing.

That Cabinet requests:

a) That the existing arrangements in place for more regular budget monitoring and scrutiny continue during 2025/26, noting the levels of cost pressure being accommodated by services, and the deliverability risk in achieving required budget savings.

b) That the Medium Term Financial Plan continues to be updated and reported regularly, using the most up-to-date information available to assess cost pressures and risks, the underlying modelling assumptions, any service changes resulting from the programme of change, and the ongoing affordability implications of the Community and Corporate Plan.