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AGREED: That Cabinet reviewed the Council's
approach to setting the budget and:
i)             
noted the draft revenue budget for 2025/26 which shows an in-year
deficit of £32.974m and, together with historic problems and
the current year’s forecast outturn, would require
Exceptional Financial Support of £60.281m combined with a
council tax increase of 20% above the cap level;
ii)            
noted that without a council tax increase the 2025/26 budget would
require Exceptional Financial Support of £76.848m to balance
for one year, however this would not be sustainable from 2026/27
onwards and is likely to result in a section 114 notice;
iii)          
noted the Medium-term Financial Plan and 2025/26 capital programme
set out respectively in Appendices A and C;
iv)          
considered the proposed budget pressures and savings set out in
Appendices D and E;
v)           
considered the proposed fees and charges for 2025/26 set out in
Appendix F;
vi)          
noted the equality impacts assessments at Appendix G; and
vii)         
agreed to commence public consultation on the draft 2024-25 budget
on 19 December 2024, including proposals to increase council tax by
the maximum allowed by government.