Purpose

The
Cabinet will be presented with a progress report on the budget
setting process for 2025/26 and beyond and asked to consider appropriate
proposals that would assist the Council in setting a balanced
budget.

Content

Cabinet resolved to:
 
(i)  Note the revised
Budget Gap for 2025/26 of £2.9m and the projection of the
future Medium Term Financial Plan position for years 2026/27 and
2027/28;
 
(ii)  Agree the Reserve
transfer as set out in Section 8 of the report;
 
(iii)  Note the assumptions set
out in the report underlying those forecasts as well as the
financial risks and uncertainties;
 
(iv)  Note the current savings
and growth proposals to help balance the 2025/26 budget as detailed
in Appendix A to the report and agree the arrangements for public
and stakeholder consultation as set out in Section 9 of the
report;
 
(v)  Agree to consult Borough
residents and taxpayers on the levying of a 2.99% General Council
Tax increase and a 2% Adult Social Care Precept to support the
Borough’s most vulnerable residents, subject to those
thresholds being confirmed by the Government; and
 
(vi)  Delegate authority to the
Strategic Director, Resources, in consultation with the Leader, to
agree any additional savings proposals for 2025/26 for public
consultation.