Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: December 18, 2024

Purpose:

Content: 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.