Agenda and decisions

RESOLVED that Mayor and Cabinet:

General Fund Revenue Budget

1.            notes and asks Council to note the 2024/25 forecast projected overall variance of £26.0m, after the use of corporate provisions and reserves, or 8.8% of the agreed budget of £293.838m as set out in Section 6 of this report and that this year-end overspend will be met from corporate provisions and reserves;

2.            endorses and asks Council to endorse the budget cut reduction measures of £0.850m (previously agreed) and £3.848m (agreed in 2024/25), for 2025/26 as set out in Section 6 of the report and summarised in Appendix Y1 and Y2 respectively;

3.            agrees and asks Council to agree the allocation of £65.023m of resources from; the corporate risks and pressures, Adult Social Care precept, social care grant, Adult Social Care market sustainability and improvement fund, New Homes Bonus, Recovery Grant, Children’s Social Care Prevention Grant, government funding for increased employers National Insurance contributions and reserves in 2025/26 to be invested in funding quantified budget pressures and opportunities, both recurring and once-off, as set out in Section 6;

4.            agrees to recommend to Council that a General Fund Budget Requirement of £312.515m for 2025/26 be approved;

5.            asks Council to agree to a 4.99% increase in Lewisham’s Council Tax element. This will result in a Band D equivalent Council Tax level of £1,644.75 for Lewisham’s services and £2,135.13 overall. This represents an overall increase in Council Tax for 2025/26 of 4.77% and is subject to the Greater London Authority (GLA) precept for 2025/26 being increased by £18.98 (i.e. 4.03%) from £471.40 to £490.38, in line with the GLA’s draft budget proposals;

6.            notes the final Settlement Funding Assessment (SFA) figure for 2025/26 has not yet been announced (including the NIC funding) and agrees to delegate authority to the Executive Director for Corporate Resources to include any change to the provisional SFA of £138,890,519 in the Budget report for Council with any difference to the position set out in this report covered from provisions and reserves as necessary;

7.            notes the provisional and estimated precept and levies from the GLA and other bodies as detailed in Appendix Y6 and agrees to delegate authority to the Executive Director for Corporate Resources to include any changes once confirmed in the Budget report for Council with any difference covered from provisions and reserves as necessary;

8.            notes and asks Council to note the Council Tax Ready Reckoner which, for illustrative purposes, sets out the Band D equivalent Council Tax at various levels of increase. This is explained in Section 6 of the report with more detail in Appendix Y4;

9.            asks that the Executive Director for Corporate Resources issues cash limits to all Directorates once the 2025/26 Revenue Budget is agreed;

10.         considers, and asks Council to consider, the Section 25 Statement from the Chief Finance Officer, the Executive Director for Corporate Resources. This is attached at Appendix Y5;

11.         agrees and asks Council to agree the draft statutory calculations for 2025/26 as set  ...  view the full decision text for item 3.