Purpose

The purpose of the report is to present the
proposed 2024/25 Cabinet Revenue Budget for approval. The report
outlines the Council’s financial outlook and significant
challenges across the medium term period 2024/25 to 2025/26. The
report highlights the overarching priorities and desired outcomes
upon which the Cabinet has based its budget proposals, and which
form the basis of our Borough Plan and updated Council Plan
included elsewhere on this agenda. We continue to shape our budget
within an incredibly uncertain, volatile and complex environment
which includes pressures across public services as well as the
increasing need within our communities.

Content

The Cabinet considered
its proposed 2024/25 Revenue Budget outlining the Council’s
strategic approach to responding to the significant medium-term
financial pressures whilst ensuring a sustainable and stable
financial position to deliver our overarching priorities and
desired outcomes, and recommended to the Council Meeting that
it:-
 
(1) Approve the Budget
for 2024/25 described in the report and set out in Appendix 2 and
3.
 
(2) Approve the
cabinet’s use of any available one-off resources to support
the positive investment detailed in Section 6 subject to the
council’s 2023/24 outturn position and the 2024/25 Final
Settlement.
 
(3) Note the risk
assessment of the 2024/25 Budget at Appendix 5 and the report of
the Deputy Chief Executive and Section 151 Officer on the adequacy
of proposed financial reserves and robustness of the estimates also
included at Appendix 5.
 
(4) Approve the
required Council General Fund Balance to reflect the Deputy Chief
Executive and Section 151 Officer’s assessment of risks.
 
(5) Note, comment
upon, and approve the financial forecasts and assumptions for
2024/25 to 2027/28 at Appendix 6, and the key issues to be
addressed in formulating a response to the future financial
challenges facing the council.
 
(6) Pass the
appropriate Council Tax resolutions which produce a Council Tax
increase of 4.99% in 2024/25 (2.99% General increase, 2% Adult
Social Care Precept increase) as illustrated in Appendix 7.