Purpose

A report setting out the Council's current
financial position and the process for the development of the
Council's budget for 2025/26.

Content

2.1 It is recommended that the Executive
Board:-
 
a) note the key risks to the delivery of the
budget in 2024/25 and that these will be subject to consideration
as part of the regular Budget Monitoring reports submitted to the
Executive Board;
b) note the uncertainty with the funding
outlook for the Council, not least the limited progress on Local
Government Finance reforms and that these will not now take place
before the next General Election;
c) note the update to the Medium Term
Financial Plan for 2025/28 as shown at Appendix A and that a
further update will be provided in October 2024;
d) note the scenario analysis shown at
Appendix D and E which models
‘worst’/’best’ case scenarios around the
baseline MTFP as part of the assessment of potential risks facing
the Council;
e) note the timetable set out in the report
for the development of the Council’s Budget for 2025/26;
f) agree that all Portfolio Holders instigate
a review of all fees and charges in their Portfolios, in line with
the agreed Fees and Charges Framework, with a view to maximising
the amount of income received by the Council;
g) request that Lead Officers for
Portfolios/Directorates be asked to identify and bring forward
budget savings options for 2025/26;
h) agree that, subject to consideration by
respective Portfolio Holders, any budget proposals arising from the
work above be considered by the Executive Board in due course (and
subject to the proposal on consultation below);
i) as part of a process of identifying savings
options over the medium term, agree to commission external advisors
to support the development of strategic business cases and that a
budget of £350k, funded from the Invest to Save Reserve, be
agreed for this;
j) subject to the work above and agreement
with Councillors, agree that some form of public and business-based
consultation on the budget savings proposals should take place over
Autumn 2024 with a view to informing decisions on the
Council’s budget for 2025/26.