Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: January 22, 2025

Purpose:

Content: That   1.  The initial draft 2025/26 Budget detailed in Appendix 7 be agreed.   2.  The initial draft 2025/26 Budget for each portfolio be referred to the relevant PDS Committees for consideration.   3.  The financial projections for 2026/27 to 2028/29 be noted.   4.  It be noted that there are still areas of financial uncertainty which will impact on the final 2025/26 Budget.   5.  It be agreed to increase rent levels for London Affordable Rents and Social (Formula) Rents by 2.7% from April 2025 as set out in Section 8 of the report.   6.  The setting of the schools’ budget, mainly met through Dedicated Schools Grant, be delegated to the Education, Children and Families Portfolio Holder, allowing for consultation with the Schools Forum in section 9 of the report.   7.  It be noted that the Dedicated Schools Grant Deficit Recovery Plan will be reviewed and updated for future reporting to Members in section 9.16 of the report.   8.  The proposed contribution of £248,444 in 2025/26 to the London Boroughs Grant Committee in section 12 of the report be agreed.   9.  It be noted that the outcome of consultation with PDS Committees will be reported to the next meeting of the Executive in section 15.1 of the report.   10.The outcome of the Provisional Local Government Financial Settlement 2025/26 as detailed in the report be noted.   11.The budget gap remaining of an estimated £24.9m per annum by 2028/29 and that any decisions made for the 2025/26 Budget will have an impact on the future year projections be noted.   12.It be noted that any final decision by Executive on recommended Council Tax and Adult Social Care Precept levels to Council will normally be undertaken at the next meeting of Executive.