The Cabinet of Westminster Council met on Monday 19 February 2024 to discuss and approve the Council's budget and financial plans for the upcoming years. Key decisions included the approval of the Council Tax for 2024/25, the Council's medium-term financial plan, the Capital Strategy, the Integrated Investment Framework, the Treasury Management Strategy, and the Housing Revenue Account Business Plan.

The Council's budget for 2024/25 was approved, including a 2.99% increase in the general element of council tax and a 2% increase for the Adult Social Care precept, resulting in an annual increase of £23.85 for a Band D property. The Cabinet also approved the Capital Strategy, outlining a gross capital expenditure budget of £2.604bn over the next 15 years, primarily for development and strategic investment, and operational improvements. An Integrated Investment Framework was approved, aiming to achieve overall investment returns that at least meet forecasts for inflation over the medium term. The Treasury Management Strategy was also approved, setting out the Council's approach to borrowing and investment to ensure prudence, affordability, and sustainability. Finally, the Housing Revenue Account (HRA) Business Plan and Housing Investment Plan for 2024/25 were approved, including a 7.7% rent increase and an extension of the HRA Rent Support Fund.