Agenda item

To consider the report of the Leader of the Council, and the Cabinet Member for Performance and Resources seeking Members to review the Council’s Money Plan for the period 2024 to 2029 and Budget Proposals for 2024 to 2025 for recommendation to Council.

RECOMMENDED to Council that:

(1)       the proposals for the 2024/25 budget included in this report be approved;

(2)       it be noted that consultation has been undertaken on budget proposals.

Cabinet considered the report of the Leader of the Council, and the Cabinet Member for Performance and Resources that sought Members to review the Council’s Money Plan for the period 2024 to 2029 and Budget Proposals for 2024 to 2025 for recommendation to Council.

The Leader of the Council outlined the key features of the report proposing what he believed to be a sustainable money plan and budget.  He drew Members’ attention to the public consultation (Appendix 7) and the findings of the Chief Finance Officer (Section 151 Officer) on the robustness of the estimates and adequacy of the financial reserves (3.2).

The Cabinet Member for Performance and Resources placed the proposals in the context of high inflation and the cost-of-living crisis, and reassured Members that the plan represented the best estimates going forward in what are challenging times for local government.  She highlighted the details of Local Government Finance Settlement (5.6) and advised Members that since the initial settlement announced in December, a further £41,000 has been provided, primarily from the funding guarantee and service grant.  The Cabinet Member for Performance and Resources directed Members to the Money Plan (Appendix 1) and in particular the intended return of the General Fund balance to 10% of the revenue budget by 2028/29 and the importance of protecting the Business Rates Reserve fund to limit the impact of the expected business rate reset in 2026/27.  She summarised the key budget pressures (appendix 2).  The Cabinet Member for Performance and Resources further drew Members’ attention to the budget savings for the coming year (Appendix 3) and highlighted some of the savings in her own portfolio including £85,000 from the relocation of Customer Services and £25,000 from in-sourcing parking enforcement.  On behalf of Cabinet she thanked all staff who assisted in the creation of the proposed budget expressing particular gratitude to the Head of Finance and Resources for his excellent support to Members.

The Cabinet Member for Planning and Housing Strategy stressed the significance of the wider challenges, such as the cost-of-living crisis, not least for her own portfolio and the importance of making savings whilst protecting the most vulnerable residents.  She reiterated the thanks for the Finance Team.  The Cabinet Member for Culture and Leisure expressed confidence in the Head of Finance and Resources and added his own thanks to all officers and the Senior Management Team for preparing what was a balanced budget.  The Cabinet Member for Communities and Neighbourhoods informed Members that he believed that the report proposed a good and responsive budget for communities.

RECOMMENDED to Council that:

(1)       the proposals for the 2024/25 budget included in this report be approved;

(2)       it be noted that consultation has been undertaken on budget proposals.