Purpose

To update Cabinet on the budget
gap for the forthcoming year 2024/25 and the MTFP which includes
consideration of the financial position and requisite savings
targets.  To outline the Budget Strategy
approach as well as outlining consideration to be given with
respect to income and the Budget Timetable Framework.

Content

RESOLVED: that
 

     
i.       
budget
principles on which the Budget Strategy will be based and the
approach to meeting the Budget Reduction Requirement both in
2024/25 and across the period of the Medium-Term Financial Plan be
agreed.
 

   
ii.       
that
directorates work with the relevant Portfolio Cabinet Member(s), in
consultation with the Corporate Director Resources and Cabinet
Member for Finance, Modernisation and Performance to identify
potential savings to assist in addressing the indicative budget gap
of £36.7 million for 2024/25 and £119.2 million across
the period of the Medium-Term Financial Plan.
 

  
iii.       
Authority be
delegated to the Chief Executive, in consultation with the Leader
and Cabinet Member for Finance, Modernisation and Performance, the
authority to implement any saving proposal in advance of 2024/25
where no policy recommendation is required or where a policy
decision has already been taken.
 

  
iv.       
It be noted
that work will continue to update and refresh the MTFP and that
this will be reported to Members as appropriate. 
 

   
v.       
It be noted
that the Income Generation Framework at Appendix 2 and agree this
be used as the approach to setting fees and charges for
2024/25. 
 

  
vi.       
It be
proposed that Council agree that the Budget Timetable Framework set
out in Appendix 3 be adopted, and that the work outlined is
progressed with a view to informing budget preparation.
 

 
vii.       
consultation
on the 2024/25 budget proposals will take place when the detail of
options is available in order to inform the preparation of the
draft 2024/25 Budget.