Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To
receive a budget update for 2025/26.
Cabinet: -
(a) noted the updated cost pressures set out in this paper and the validation work that has been carried out on them.
(b)
agreed the
assumptions being used in the Medium-Term Financial Plan (MTFP).
(c)
noted
the financial gap arising from (a) and (b) above.
(d)
agreed
the 2025/26 principles for budget setting as outlined in section 13 of the
report to Cabinet 19 November 2024.
(e)
noted
the approach to closing the budget gap set out in this paper of 19 November,
recognising that this was work in progress.
(f)
agreed
to continue to lobby local MPs and work with peers to press the case for
additional, multi-year funding.
(g)
agreed
that Cabinet Members work with officers to continue to identify and develop
further efficiencies and savings.
(h)
endorsed
the next steps and timetable leading up to the 2025/26 budget which would be
presented to Full Council on 11 February 2025.
Reason for the decision
Councils were required by law to set an annual budget and for that
budget to be ‘balanced’ or fully funded. Essentially this means that
expenditure was balanced by income without unsustainable use of one-off, or
short-term sources of finance.
Report author: Sean Cremer
Publication date: 20/11/2024
Date of decision: 19/11/2024
Decided at meeting: 19/11/2024 - Cabinet
Effective from: 28/11/2024
Accompanying Documents: