Issue - meetings

The Charter Trustees are required to set the budget for 2025/26 and any subsequent precept for submission to BCP Council by 31 January 2025.

Matt Filmer, Responsible Financial Officer (RFO), introduced the report, highlighting that The Charter Trustees were required to set the budget for 2025/26 and any subsequent precept for submission to BCP Council by 31 January 2025.

The RFO highlighted:

-       An underspend of £21,002 for 2024/25, as BCP Council had now agreed to pay for the King’s Counsel (KC) advice;

-       The in-year position had resulted in carrying forward reserves of £90,502.

-       Two meetings of the CWG had been held which had afforded Trustees the opportunity to review and shape the budget for 2025/26.

-       Budget lines removed included the Remembrance events, Civic awards and grant funding in line with the revised CT remit following acceptance of the KC advice;

-       The budget for hospitality had increased due to an expectation of increased regalia talks and other such events;

-       Increased Communication budget at the request of the CWG to further help promotion of the Mayoralty;

-       Overall staffing costs had reduced despite an increase in recharges for insurance, IT, accountancy, and internal audit services;

-       It was proposed to draw-down £65,065 in 2025/26 to support the budget;

-       The Council Tax base had grown following an increased number of Band D properties and introduction of the second home premium, allowing for the recommendation that the Band D precept to be frozen at £2.14 per annum.

It was recommended that the proposed budget 2025/26 as set out in Appendix A be approved; and that the council tax requirement and precept of £132,324 be approved.

Trustees welcomed the freezing of the precept in light of the ongoing cost-of-living crisis etc.

Trustees queried the planned use of the increased budget for Communications. The Sheriff confirmed that the CWG had not yet developed a work plan and was still reviewing whether to engage Council services or go elsewhere. The budget figure had been proposed to avoid having to dip into reserves once a plan was decided.

RESOLVED that

(a)  The proposed budget for 2025/26 as set out in Appendix A be approved; and

(b)  The council tax requirement and precept of £132,324 be approved

Voting: Unanimous/Nem.