Purpose

To receive an update on the draft General Fund
and HRA Budget 2025-26.

Content

The Executive RESOLVEd

That  (i)    the current
assessment and categorisation of the approved 2024/25 budget into
the three categories of “one-off”, “debt
overhang” and “underlying” elements, be
noted;

         
(ii)   the process put in place to
compile the 2025/26 Budget and Medium-Term Financial Strategy
[MTFS] be noted and endorsed;

         
(iii)  the planned timetable and
schedule of activities to deliver a final Budget and MTFS report at
the end of February / beginning of March 2025 be noted and
endorsed; and

         
(iv)  the proposed approach to
consultation on the proposed budget be noted and
endorsed.

Reason:   The
Council is legally required to set a budget (considering the
longer-term outlook through an MTFS, which is, in the opinion of
the s151 Officer, robust and allows for adequate future levels of
reserves to manage potential risk levels. The report appraises
Members of the work undertaken and planned to provide Council with
budget options that meet those requirements.

                
The development and delivery of a sustainable and balanced budget
is integral to the over-arching Woking For All Strategy, which is
the Council’s corporate plan. The overall approach to setting
the 2025/26 budget remains in accordance with the guiding
principles adopted by the Council in July 2023, and in particular
included the need to be a smaller and more efficient Council,
looking to fund non-statutory services only where they were
self-funded.