Decision details

To note the Medium Term Financial Strategy update including the draft budget

RESOLVED:

That the following be noted:

1.  The updates from the autumn statement delivered on the 30 October 2024 and the budget challenge process.

2.  The updated general fund budget gap for 2025-26 of £4.12m and £8.19m for 2026-27, before transformation programme savings (Appendix A of the report).

3.  The proposed options to help achieve a balanced 2025-26 general fund budget and indicative savings for 2026-27 together with departmental narratives (Appendices B and C of the report).

4.  Appendix D of the report which details the draft fees and charges schedules.

5.  Appendix E of the report outlining the savings required in 2024-25 and 2025-26 to balance the housing revenue account budget.

6.  Strategic directors will continue to work with their respective cabinet members to find additional savings options to close the estimated funding gap.

7.  Equality impact assessments are ongoing and that a cumulative impact assessment will be presented to cabinet as part of the budget update in February.

8.  The contents of this report will be considered by overview and scrutiny committee in January prior to February 2025 cabinet.