Issue - meetings

To consider a report of the Portfolio Holder for Finance, Commercial and Capital Strategy.

(a)  That the updated cost pressures set out in this paper and the validation work that has been carried out on them, be noted.

(b)  That the assumptions being used in the Medium-Term Financial Plan (MTFP), be agreed.

(c)  That the financial gap arising from (a) and (b) above be noted.

(d)  That 2024/25 principles for budget setting, be agreed.

(e)  That the approach to closing the budget gap set out in this paper, recognising that this is work in progress, be noted.

(f)    That Cabinet continue to press local MPs and work with peers to press the case for additional funding.

(g)  That Portfolio Holders work with officers to continue to identify and develop further efficiencies and savings.

(h)  That the next steps and timetable leading up to the 2024/25 budget which would presented to full Council on 13 February 2024, to be endorsed.

Reason for the decision

Councils were required by law to set a balanced budget. Essentially this means that expenditure is balanced by income without unsustainable use of one-off, or short-term sources of finance.

The report before Cabinet on 7 November 2023 provided an update on the budget gap for 2024/25 and the subsequent years of the MTFP and gave an update on progress on action/savings to date including the 2023/24 forecast performance against budget.

The Portfolio Holder for Finance, Commercial and Capital Strategy set out the report providing a framework for the budget for 2024/25 and the Medium-Term Financial Plan (MTFP) for 2024-2029. 

It was proposed by Cllr G Suttle seconded by Cllr R Bryan

Decision

(a)           That the updated cost pressures set out in this paper and the validation work that has been carried out on them, be noted.

(b)           That the assumptions being used in the Medium-Term Financial Plan (MTFP), be agreed.

(c)           That the financial gap arising from (a) and (b) above be noted.

(d)           That 2024/25 principles for budget setting, be agreed.

(e)           That the approach to closing the budget gap set out in this paper, recognising that this is work in progress, be noted.

(f)             That Cabinet continue to press local MPs and work with peers to press the case for additional funding.

(g)           That Portfolio Holders work with officers to continue to identify and develop further efficiencies and savings.

(h)           That the next steps and timetable leading up to the 2024/25 budget which would presented to full Council on 13 February 2024, to be endorsed.

Reason for the decision

Councils were required by law to set a balanced budget. Essentially this means that expenditure is balanced by income without unsustainable use of one-off, or short-term sources of finance.

The report before Cabinet on 7 November 2023 provided an update on the budget gap for 2024/25 and the subsequent years of the MTFP and gave an update on progress on action/savings to date including the 2023/24 forecast performance against budget.