Purpose

The
Cabinet will be presented with a progress report on the budget
setting process for 2024/25 and beyond and asked to consider appropriate
proposals that would assist the Council in setting a balanced
budget.

Content

The
Cabinet will be presented with a progress report on the budget
setting process for 2024/25 and beyond and asked to consider appropriate
proposals that would assist the Council in setting a balanced
budget.

Cabinet resolved
to:
 
(i)  Note the
revised Budget Gap for 2024/25 of £23.335m and the projection
of the future Medium Term Financial Strategy position for years
2025/26 and 2026/27;
 
(ii)  Note the
current savings and growth proposals to help balance the 2024/25
budget as detailed in Appendix A to the report and agree the
arrangements for public and stakeholder consultation as set out in
Section 7 of the report;
 
(iii)  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 Central Government;
 
(iv)  Note that from
2024/25, the Council’s policy to support alignment with the
London Living Wage in its contracts with third parties shall be
reviewed on a contract-by-contract basis; and
 
(v)  Delegate
authority to the Strategic Director, Resources, in consultation
with the Cabinet Member for Finance, Growth and Core Services, to
agree any additional savings proposals for 2024/25 for public
consultation.