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RESOLVED: That
1. 
The initial draft 2024/25 Budget detailed in
Appendix 7 of the report be agreed.
2. 
The initial draft 2024/25 Budget for each portfolio
be referred to the relevant PDS Committees for
consideration.
3. 
The financial projections for 2025/26 to 2027/28 be
noted.
4. 
It be noted that there are still areas of financial
uncertainty which will impact on the final 2024/25
Budget.
5. 
Given the scale of financial challenges, a one off
Transformation Fund 2024-2028 earmarked reserve of £1m be
approved to resource the next phase of Transformation Programme to
assist in delivery of significant future year savings. This will be
funded from the Growth and Investment Fund earmarked reserve and
the final allocation of these resources will be delegated to the
Chief Executive in consultation with the Resources, Commissioning
and Contract Management Resources Portfolio Holder (See Section 6.8
of the report).
6. 
It be agreed to increase rent levels for London
Affordable Rents and Social (Formula) Rents by 7.7% from April 2024
as set out in Section 9.8 of the report.
7. 
The setting of the schools’ budget, mainly met
through Dedicated Schools Grant, be delegated to the Education,
Children and Families Portfolio Holder, allowing for consultation
with the Schools Forum (see section 10 of the report).
8. 
It be noted that the Dedicated Schools Grant Deficit
Recovery Plan will be reviewed and updated for future reporting to
Members (see paragraph 10.18 of the report).
 
9. 
The proposed contribution of £247,872 in
2024/25 to the London Boroughs Grant Committee (see section 12 of
the report) be agreed.
10. 
It be noted that the outcome of consultation with
PDS Committees will be reported to the next meeting of the
Executive (See paragraph 15.4 of the report).
11. 
The outcome of the Provisional Local Government
Financial Settlement 2024/25 as detailed in the report be
noted.
12. 
The budget gap remaining of an estimated
£38.7m per annum by 2027/28 and that any decisions made for
the 2024/25 Budget will have an impact on the future year
projections be noted.
13. 
It be noted that any final decision by Executive on
recommended Council Tax and Adult Social Care Precept levels to
Council will normally be undertaken at the next meeting of
Executive.