This meeting of the Cabinet will receive an update on the council's finances, and consider budget proposals for 2025/26. The meeting will also consider whether to move into a closed session to discuss a confidential land acquisition.

Budget monitoring

A report by the Head of Finance, Anna Winship, will update the Cabinet on the council's financial position to the end of September 2024. The report notes a projected overspend of £349,000 against a revised net revenue budget of £23.172 million. This is offset by a projected £1.6 million surplus in treasury income, meaning that the council's overall financial position is forecast to be positive.

The report goes on to consider several areas in which the forecast financial position varies from the budget.

• The Corporate Services department is forecasting an underspend, partly due to savings made by a redesign of service delivery which has led to posts being removed from the structure.
• The Development and Corporate Landlord department is forecasting an overspend in its Commercial Property division, due to the cost of hiring agency staff with specialist skills to support unspecified high-priority corporate projects.
• The Housing and Environment department is forecasting an overspend in its Homelessness service due to the cost of an additional member of staff.
• The Legal and Democratic department is forecasting an overspend due to the use of external legal advisors to support the JLP, as work on this has been accelerated. The report explains that this is because of staff vacancies within the service.
• The Policy & Programmes department is forecasting an underspend on its transformation programme.

The report also provides an update on the council's capital programme, noting that it had increased from an initial figure of £20.82 million to £25.98 million.

Budget setting 2025/26

The Cabinet will receive a verbal report from the Head of Finance on the process of preparing the council's revenue budget for 2025/26.