Decision Maker: Executive

Outcome: Recommmend Forward to Council

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: March 3, 2025

Purpose:

Content: Following consideration of the officer report, appendices and discussion, the Executive resolved to agree and recommend to Full Council:   The advice of the Council’s Interim Chief Finance Officer (Section 151 Officer) in their Section 25 report (Appendix A) in relation to the robustness of the Budget estimates and the adequacy of the level of Reserves for 2025/26. The Section 151 Officer’s warning about the critical financial position of the Council, the £101.384m 2026/27 Budget gap increasing to £190.041m over the medium term, inadequate reserves and the lack of financial sustainability over the period 2026/27 to 2029/30. The minimum level of Reserves is set at 10% of the Net Revenue income stream on 1 April 2025 which is £33.254m (excluding the use of EFS to meet the Net Revenue Budget). The appropriate level of General Fund Balance be set at £60.000m for 2025/26. The responsibility of Council Members under Section 31A of the Local Government Finance Act 1992, to have regard to this report when making decisions on agreeing the Budget and setting the Council Tax for the financial year 2025/26.