Purpose

To update Cabinet on the budget gap for the forthcoming year 2025/26 and the MTFP which includes consideration of the financial position and requisite savings targets. To outline the Budget Strategy approach as well as outlining considerations to be given with respect to income and the Budget Timetable Framework.

Decision

RESOLVED: that

1. The budget principles, as set out in the report, on which the Budget Strategy will be based, and the approach to meeting the Budget Reduction Requirement both in 2025/26 and across the period of the Medium-Term Financial Plan, be agreed.
2. The directorates work with the relevant Portfolio Cabinet Member(s), in consultation with the Corporate Director Resources and Cabinet Member for Finance, Modernisation and Performance to identify potential savings to assist in addressing the indicative budget gap of £49.726 million for 2025/26 and £147.784 million across the period of the Medium-Term Financial Plan.
3. Authority be delegated to the Chief Executive, in consultation with the Leader and Cabinet Member for Finance, Modernisation and Performance, to implement any saving proposal in advance of 2025/26 where no policy recommendation is required or where a policy decision has already been taken.
4. It be noted that work will continue to update and refresh the Medium-Term Financial Plan and that this will be reported to Members as appropriate.
5. It be noted that an update on funding for Teachers Pensions will accompany the Month 4 monitoring report in September 2024.
6. It be proposed that Council agree that the Budget Timetable Framework, set out in Appendix 2, be adopted, and that the work outlined is progressed with a view to informing budget preparation.
7. Consultation on the 2025/26 budget proposals will take place when the detail of options is available in order to inform the preparation of the draft 2025/26 Budget.