Decision Maker: Corporate Policy and Resources Committee

Outcome: Recommendations approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 9, 2024

Purpose:

Content: The Committee resolved to:   1a. note the proposed Outline Budget parameters for 2025-28 to 2028-29 and the issues and challenges raised in the report,   1b. note the current projected Budget shortfalls over the outlined periods set out in the report,   1c. subject to a recommendation of the Commercial Assets Sub-Committee, agree in principle to the use of £1m per annum in 2026/27 up to £5m per annum in 2030/31 revenue income from investment assets to accelerate the building up of the investment sinking fund reserves, resulting in less income to support annual service provision,   2a. agree the Outline Corporate Transformation Programme covering the year 2025-26 to 2028-29 to ensure he ongoing financial viability of the Council; and   2b. agree to set up a Members Transformation Board, with draft Terms of Reference to be brought back to the next meeting of the Committee.