(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.