Purpose

This report provides
an update to Cabinet on the Budget setting process for 2024-28 and
in particular presents a balanced revenue budget for 2024/25 and
capital budget, as well as revenue and capital updates over the
MTFS period as a whole

Decision

RESOLVED:
 
1. That Cabinet considers and agrees the
response to the Overview and Scrutiny Commission;
 
2. That the Cabinet resolved that, having
considered all of the information in this report and noted the
positive assurance statement given by the Executive Director,
Finance and Digital based on the proposed Council Tax strategy, the
maximum Council Tax in 2024/25, equating to a Band D Council Tax of
£1,521.98, which is an increase of below 5% be approved and
recommended to Council for approval.
 
3. That the Cabinet considered all of the
latest information and the comments from the scrutiny process, and
makes recommendations to Council as appropriate
 
4. That Cabinet resolved that the Budget and
Medium Term Financial Strategy 2024-28 including the General Fund
Budget and Council Tax Strategy for 2024/25, and the Medium Term
Financial Strategy (MTFS) for 2024-28 as submitted, along with the
draft Equality Assessments (EAs), be approved and recommended to
Council for approval subject to any proposed amendments agreed at
this meeting;
 
5. That the Cabinet resolved that, having
considered all of the latest information and the comments from the
scrutiny process, the Capital Investment Programme (as detailed in
Annex 3 to the Capital Strategy); the Treasury Management Strategy,
including the detailed recommendations in that Section,
incorporating the Prudential Indicators and the Capital Strategy as
submitted and reported upon be approved and recommended to Council
for approval, subject to any proposed amendments agreed at this
meeting;
 
6. That Cabinet noted that the GLA precept
will not be agreed by the London Assembly until the 22 February
2024, but the provisional figure has been incorporated into the
draft MTFS
 
7. That Cabinet requested officers to review
the savings proposals agreed and where possible bring them forward
to the earliest possible implementation date
 
8. That Cabinet noted that there may be minor
amendments to figures and words in this report as a result of new
information being received after the deadline for dispatch and that
this will be amended for the report to Council in March.
 
9. That Cabinet considered and approved the
Risk Management Strategy.
 
10. That Cabinet resolved that the
Council’s Strategy for the Flexible Use of Capital Receipts
2022/23, as detailed in page 28-29 of the Capital Strategy be
approved and recommended to Council for approval subject to any
proposed amendments agreed at this meeting.