Purpose

This report presents the General Fund resource
and cost estimates for 2025-26 and the 4-year MTFS period for
noting. The report also seeks approval of the approach for setting
the annual revenue and capital budget for 2025-26.

Content

That Cabinet:
 

1)           
Note the planning assumption of a Council Tax increase of 2.99%
over the 4-year Medium-Term Financial Plan period and an Adult
Social Care Precept of 2.00% or the equivalent in grant funding in
2025/26.

 

2)           
Note the funding assumptions and net expenditure
projections for 2025/26 including a projected budget shortfall of
£36.730 million.

 

3)           
Note the Medium Term
financial projections for 2025/26 to 2028/29 and the predicted
budget gaps totalling over £105 million over the
period.

 

4)           
Note the proposed budget development approach and
that members will use this to develop 4-year medium-term service
and financial plans and proposals for Budget Council consideration,
including detailed budget proposals to set a legally balanced
budget in 2025/26 and enable the Council Tax for the year to be
set.

 

5)           
Note the planning assumption of recurrently funding
transformation enabling resources of at least £1 million, as
set out in paragraphs 7.5 to 7.6, from the
revenue budget rather than the previous practice of utilising
capital receipts since 2016/17.

 

6)           
Note that projections for next year and the
Medium Term Financial Plan (MTFP) will
be updated following government funding announcements expected in
Autumn 2024 and Spring 2025.