The Council meeting on 6 March 2024 ultimately rejected the Executive Mayor's proposed budget for 2024/25, despite a lengthy debate and attempts to amend it. The meeting also deferred the decision on the Scheme of Members' Allowances to a later date.

The most significant decision of the meeting was the rejection of the Executive Mayor's proposed budget for 2024/25. Despite the Cabinet Member for Finance, Councillor Jason Cummings, highlighting the Council's efforts to balance its books and the balanced budget presented, the Council voted against the proposals with 34 votes for and 35 votes against. This rejection means that the Council must now find a way to agree a budget by the statutory deadline of 11 March 2024. Following the rejection, the Mayor was advised to reconsider the proposals and submit a revised version or respond to the objections.

The Council also debated amendments to the budget proposed by the Labour Group and the Green Group. The Labour Group's amendment sought to generate savings by reducing Special Responsibility Allowances (SRAs) for political appointments, with the intention of reinvesting these savings into frontline services such as housing safeguarding, youth support, domestic abuse services, affordable housing delivery, environmental enforcement, and debt reduction. The Green Group's amendment also proposed cuts to SRAs, alongside investments in community safety, bus shelters, community food growing projects, bike lockers, carbon literacy training, and care leaver support. Both amendments were ultimately unsuccessful.

The Scheme of Members' Allowances, originally scheduled for discussion, was deferred to a later meeting on 6 March 2024, to be considered after the budget. This deferral was agreed due to the overlap with the budget discussions and the need for further consideration.

The meeting also included questions to the Executive Mayor and the Cabinet Member for Finance regarding various aspects of the budget, including domestic violence funding, the Household Support Fund, housing strategies, asset disposals, and the Council's debt burden. The Mayor emphasized the Council's commitment to financial discipline and delivering essential services, while acknowledging the ongoing dialogue with the government regarding financial support. The Cabinet Member for Finance highlighted the Council's unique position among London boroughs in presenting a balanced budget despite significant financial pressures.

The Council also noted the exceptional financial support letter from the Department for Levelling Up, Housing and Communities, which indicated a potential capitalisation direction of up to £47.439 million for 2019-20 and 2024-25, subject to the Council demonstrating continued progress in its renewal plan. This support is crucial for the Council's financial stability, particularly in addressing its substantial debt burden.

Finally, the Council agreed to the proposed Council Tax increase of 2.99% for the Croydon element and a 2% increase for the adult social care precept levy, resulting in an overall increase of 5.69% for a Band D property. This increase was deemed necessary to balance the budget and avoid further cuts to essential services. The Council also approved the capital programme and treasury management strategy for the upcoming financial year.