Issue - meetings

Report of Councillor P Kerry, Deputy Leader of the Council with responsibilitiy for Finance

RESOLVED – That the following recommendations be made to Council:

(1a)     the budget in respect of the General Fund as set out in Appendix 1 of the report be approved as the Current Budget for 2024/25.

(1b)     the budget in respect of the HRA as set out in Appendix 3 of the report be approved as the Current Budget for 2024/25.

(1c)     the Capital Programme as set out in Appendix 4 of this report be approved as the Current Budget for 2024/25.

REASONS FOR DECISION - The purpose of the report was to prepare revised budgets as early as possible within the financial year to provide sufficient time to allow any planned changes to be delivered.  The Council had faced some specific financial challenges this year putting pressure on the ability to set a balanced General Fund budget but, use of reserves ring fenced for providing resilience when needed had mitigated this.

OTHER OPTIONS CONSIDERED AND REJECTED – There were no alternative options considered.  How resources were utilised was ultimately a decision for Members, which would form part of the 2025/26 Medium Term Financial Planning process.

This was not a Key Decision and so can be implemented with immediate effect by officers.

The report to Cabinet set out the proposed revisions to the Budget for 2024/25, which had been approved by Council in January 2024.  Cabinet was asked to endorse the proposed revisions and to recommend them to Council for approval.

The report stated that the revised budget process was now completed and the proposed revisions for the General Fund, HRA and Capital Programme were set out in the appendices to the report.

The main Net Cost of Services variances, which were set out in the report was discussed at the meeting.  Efficiencies identified through the budget process had largely mitigated the increase to the Revise Budget however, they were not entirely sufficient to cover the increases.  Therefore, the revised shortfall of £0.664m was budgeted to be met from the Resilience Reserve.

RESOLVED – That the following recommendations be made to Council:

(1a)    the budget in respect of the General Fund as set out in Appendix 1 of the report be approved as the Current Budget for 2024/25.

(1b)    the budget in respect of the HRA as set out in Appendix 3 of the report be approved as the Current Budget for 2024/25.

(1c)    the Capital Programme as set out in Appendix 4 of this report be approved as the Current Budget for 2024/25.

REASONS FOR DECISION - The purpose of the report was to prepare revised budgets as early as possible within the financial year to provide sufficient time to allow any planned changes to be delivered.  The Council had faced some specific financial challenges this year putting pressure on the ability to set a balanced General Fund budget but, use of reserves ring fenced for providing resilience when needed had mitigated this.

OTHER OPTIONS CONSIDERED AND REJECTED – There were no alternative options considered.  How resources were utilised was ultimately a decision for Members, which would form part of the 2025/26 Medium Term Financial Planning process.

This was not a Key Decision and so can be implemented with immediate effect by officers.