Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 5, 2024

Purpose: To receive the draft Medium Term Financial Strategy and General Fund 2025-26 for the purpose of finalising proposals for service budgets and Council Tax.

Content: The Executive RESOLVED That  (i)    the updated position on the MTFS and the proposals for a light touch consultation process for the options set out in the report be noted;           (ii)   the savings options at Appendix 1 to the report be supported for inclusion in the final budget proposals, subject to consultation;           (iii)  the growth pressures at Appendix 2 to the report be supported for inclusion in the final budget proposals, subject to consultation;           (iv)  whilst significant progress has been made, the scale of the challenge means that the level of savings is a risk and further options still need to be reviewed and presented to Members of Finance Working Group, and to Executive and Full Council in February 2025; and           (v)   it be noted that the proposed Flexible Use of Capital Receipts at Appendix 4 to the report to be included in the MTFS in February 2025 for Executive and Council approval subject to any amendments that are required before final budget setting. Reason:   The Council is legally required to set a budget, considering the longer-term outlook through a 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 to date to provide Council with savings and budget options that meet those requirements.