Issue - meetings

To consider a report of the Cabinet Member for Finance & Capital Strategy.

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.

The report provided detail on a framework for the budget for 2025/26 and the Medium-Term Financial Plan for 2025-2030 and outlined the work which would continue throughout the autumn so that the budget could be finalised in time for the Full Council meeting in February 2025.  It was noted that the budget setting exercise was taking place against a continued background of national and global events which were putting a direct and indirect pressure on council budgets. 

The recommendations were proposed by Cllr S Clifford and seconded by Cllr J Andrews.

Decision

That Cabinet:

(a)        notes the updated cost pressures set out in the paper and the validation work that had been carried out on them;

(b)        agrees/updates the assumptions being used in the Medium-Term Financial Plan (MTFP);

(c)        notes the financial gap arising from (a) and (b) above.

(d)        agrees the 2025/26 principles for budget setting as outlined in section 13 of the report to Cabinet 19 November 2024.

(e)        notes the approach to closing the budget gap set out in the paper of 19 November, recognising that this was work in progress.

(f)          continues to lobby local MPs and work with peers to press the case for additional, multi-year funding.

(g)        agrees that Cabinet Members work with officers to continue to identify and develop further efficiencies and savings.

(h)        endorses 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 are 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.