It is recommend that Cabinet:
• A Medium-Term Financial Strategy, incorporating the
Transformation Savings programme and including:
o A 2.99% council tax increase for 2025/26.
o A 2.00% adult social care precept increase for 2025/26.
• For Business Rates
o the National Non-Domestic Rates Return (NNDR1) 2025/26 as the
business rates base position for the Borough.
o the forecast surplus position on the Collection Fund for
2024/25.
• The setting of a General Reserve position of £6.626
million.
• The required council tax amounts and revenue allocations,
applicable for the borough of Redcar & Cleveland.
• An affordable medium term Capital Investment Programme,
including a revised 2024/25 position.
• A Treasury Management Strategy that sets the authorised
limit for external debt for 2025/26 at £312.697 million, as
supported by the Governance Committee.
• A Minimum Revenue Provision (MRP) policy for 2025/26, as
supported by the Governance Committee.
• A Policy for flexible use of capital receipts for
2025/26.
Decision type: Key
Reason Key: Both Incurring expenditure or savings which are significant and significant impact on two or more wards;
Decision status: For Determination
Notice of proposed decision first published: 10/01/2025
Decision due: 11 Feb 2025 by Cabinet
Lead director: Finance Director (Section 151 Officer)
Contact: David Dunford Email: david.dunford@redcar-cleveland.gov.uk.
Consultation process
As above
Consultees
Consultation with all Directorates and elected
members. The report will report on the outcomes of consultations
with stakeholders following the Council's Budget Proposals report
dated 10 December 2024. This Budget report will then be considered
and approved by Full Council on 27 February 2025.