Decision details
2025/26 Draft Budget- Revenue
Decision Maker: Cabinet
Decision status: Recommend Forward to Council
Is Key decision?: No
Is subject to call in?: No
Purpose:
To present the draft 2025/26 revenue budget, Medium Term Financial Strategy and the Treasury Management Strategy.
The Council has a statutory responsibility to set a Budget and Council Tax in advance of the new financial year. The 2025/26 Revenue Budget and Medium Term Financial Strategy 2025/26 to 2028/29 will be recommended to Council in February 2025.
Decision:
That Cabinet:
a) approves the 2025/26 draft revenue budget, which includes the key pressures for each Directorate and savings proposals, for consultation with Members, the council’s relevant scrutiny committees, business rate payers and the public; and
b) acknowledges that the funding assumed in this draft budget is an estimate of expected funding; to be confirmed following publication of the Final Local Government Finance Settlement for 2025/26
Alternative options considered:
1. It is open to Council to recommend alternative spending proposals or strategies; however, given the legal requirement to set a balanced budget, should additional expenditure be proposed compensatory savings proposals must also be identified. If it is proposed to spend less, the impact on service delivery of the proposed reduction should be considered.
2. Council can agree a council tax increase above the referendum principle levels. This is not recommended as doing so would require the increase to be subject to a local referendum, incurring additional costs to the council.
Contact: Rachael Sanders, Director of Finance Email: Rachael.sanders@herefordshire.gov.uk Tel: 01432 383775.
Publication date: 13/01/2025
Date of decision: 13/01/2025