Purpose

To update Cabinet on the budget
gap for the forthcoming year 2025/26 and the MTFP which includes
consideration of the financial position and requisite savings
targets. To outline the Budget Strategy approach as well as
outlining considerations to be given with respect to income and the
Budget Timetable Framework.

Content

RESOLVED: that
 
1.   
The budget principles, as set out in the report, on
which the Budget Strategy will be based, and the approach to
meeting the Budget Reduction Requirement both in 2025/26 and across
the period of the Medium-Term Financial Plan, be agreed.
 
2.   
The 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 £49.726 million for 2025/26 and
£147.784 million across the period of the Medium-Term
Financial Plan.
 
3.   
Authority be delegated to the Chief Executive, in
consultation with the Leader and Cabinet Member for Finance,
Modernisation and Performance, to implement any saving proposal in
advance of 2025/26 where no policy recommendation is required or
where a policy decision has already been taken.
 
4.   
It be noted that work will continue to update and
refresh the Medium-Term Financial Plan and that this will be
reported to Members as appropriate.
 
5.   
It be noted that an update on funding for Teachers
Pensions will accompany the Month 4 monitoring report in September
2024.
 
6.   
It be proposed that Council agree that the Budget
Timetable Framework, set out in Appendix 2, be adopted, and that
the work outlined is progressed with a view to informing budget
preparation.
 
7.   
Consultation on the 2025/26 budget proposals will
take place when the detail of options is available in order to
inform the preparation of the draft 2025/26 Budget.