Decision

RESOLVED: That

1. The initial draft 2024/25 Budget detailed in Appendix 7 of the report be agreed.
2. The initial draft 2024/25 Budget for each portfolio be referred to the relevant PDS Committees for consideration.
3. The financial projections for 2025/26 to 2027/28 be noted.
4. It be noted that there are still areas of financial uncertainty which will impact on the final 2024/25 Budget.
5. Given the scale of financial challenges, a one off Transformation Fund 2024-2028 earmarked reserve of £1m be approved to resource the next phase of Transformation Programme to assist in delivery of significant future year savings. This will be funded from the Growth and Investment Fund earmarked reserve and the final allocation of these resources will be delegated to the Chief Executive in consultation with the Resources, Commissioning and Contract Management Resources Portfolio Holder (See Section 6.8 of the report).
6. It be agreed to increase rent levels for London Affordable Rents and Social (Formula) Rents by 7.7% from April 2024 as set out in Section 9.8 of the report.
7. The setting of the schools’ budget, mainly met through Dedicated Schools Grant, be delegated to the Education, Children and Families Portfolio Holder, allowing for consultation with the Schools Forum (see section 10 of the report).
8. It be noted that the Dedicated Schools Grant Deficit Recovery Plan will be reviewed and updated for future reporting to Members (see paragraph 10.18 of the report).
9. The proposed contribution of £247,872 in 2024/25 to the London Boroughs Grant Committee (see section 12 of the report) be agreed.
10. It be noted that the outcome of consultation with PDS Committees will be reported to the next meeting of the Executive (See paragraph 15.4 of the report).
11. The outcome of the Provisional Local Government Financial Settlement 2024/25 as detailed in the report be noted.
12. The budget gap remaining of an estimated £38.7m per annum by 2027/28 and that any decisions made for the 2024/25 Budget will have an impact on the future year projections be noted.
13. It be noted that any final decision by Executive on recommended Council Tax and Adult Social Care Precept levels to Council will normally be undertaken at the next meeting of Executive.