Decision details

To consider and approve:

·         the revised General Fund Budget and Capital Programme for 2024/25, and

to consider and recommend to Council:

·         the General Fund Budget Estimates 2025/26 and the Medium-Term Financial Strategy 2025/26 to 2029/30

·         the Council Tax levels for 2025/26

·         the Capital Programme 2025/26-2027/28, and

·         the Treasury Management Strategy Statement, Capital Strategy and Annual Treasury Investment Strategy for 2025/26.

Members considered the Budget and Medium-Term Financial Strategy 2025/26 report presented by Councillor Boden. 

Councillor Boden said this had not been an easy budget, and credit was due to the Chief Accountant and Finance Team for all their work behind the scenes. Whilst well into the process, hearing in December that this Council is to be abolished on 31 March 2028 meant everything changed. Now the plan is to look at significant capital expenditure over the next three years as the new unitary authority will have different priorities and there will be pressure to meet the needs of services such as social care. 

Councillor Tierney pointed out that this will be at least the eighth year that Fenland District Council has frozen its portion of council tax which is a fantastic achievement; hard decisions have had to be made whilst doing everything possible to relieve financial pressure on residents. The Council has been sensible and made mature decisions with taxpayers’ money over the years, with strong leadership and the excellent work of officers. His concern is that this authority will have to merge with some who are in far worse financial shape. It is important that Fenland taxpayers get a fair deal for the money they have provided, which is why Fenland Inspire! is such a great idea. Councillor Mrs French agreed and offered her congratulations to officers and the Leader personally, who have done an extremely wonderful job. 

Proposed by Councillor Boden, seconded by Councillor Tierney and AGREED that:

(i)           the revised estimates for 2024/25 as set out in Section 8 and Appendix A showing an estimated shortfall of £350k (to be funded from the Budget Equalisation Reserve if required), be approved.

and to recommend to Council that:

(ii)          the General Fund revenue budget for 2025/26 as set out in Section 9 and Appendix A be approved.

(iii)        the Medium-Term Financial Strategy as outlined in this report and Appendix B be adopted.

(iv)        the Capital Programme and funding statement as set out in Appendix D be approved.

(v)          the adoption of the additional Business Rates Relief measures as detailed in Section 7 using Discretionary Relief Powers be approved.

(vi)        the expenses detailed in Section 12 be approved to be treated as general expenses for 2025/26.

(vii)       the Port Health levy for 2025/26 be set as shown in Section 13.

(viii)     the current working age Council Tax Support Scheme be adopted with effect from 1 April 2025 as set out in Section 15, with appropriate changes to the prescribed pensioner scheme as determined by regulations.

(ix)        the Treasury Management Strategy Statement, Minimum Revenue Provision Policy Statement (including amending the MRP calculation to be based on the ‘Annuity method’ from 2024/25 onwards), Treasury Investment Strategy, Prudential and Treasury Indicators for 2025/26 and Capital Strategy 2025/26 as set out in Section 16 and Appendix E be approved.

(x)          the Band D Council Tax level for Fenland District Council Services for 2025/26 be set at £254.79, no change on the current year.