The Cabinet of Greenwich Council met on Tuesday 16 September 2025 to discuss the Council's financial position and future planning. Key decisions included the approval of the draft Statement of Accounts for 2024/25, the adoption of the Royal Borough of Greenwich Outdoor Events Policy, and the noting of a significant forecasted resourcing gap in the Medium Term Financial Strategy.

Medium Term Financial Strategy 2026/27+

The Cabinet noted a forecasted overall resourcing gap of £45.1 million in 2026/27, projected to increase to £136.8 million by 2029/30. This forecast is based on updated assumptions regarding government funding, inflation, and demographic demand, particularly in areas like children's social care and housing. The Fair Funding Review 2.0, published by the Ministry of Housing, Communities and Local Government, is expected to significantly impact the Council's funding, with modelling suggesting a potential annual reduction of £8.6 million in government funding for Greenwich from 2026/27. The Cabinet was also informed of the potentially significant financial risks to the Medium Term Financial Strategy (MTFS) going forward, and that the MTFS is a continuous process that will be updated regularly. The report will be considered by the full Council.

Royal Borough of Greenwich Outdoor Events Policy

The Cabinet agreed to adopt the Royal Borough of Greenwich Outdoor Events Policy, which will govern the use of the Council's parks and open spaces for events. This policy introduces event application fees for all applicants and formalises event hire charges for commercial events. The policy aims to provide enhanced and appropriate governance for events, ensuring responsible management of public spaces with due regard for residents, visitors, and stakeholders. It also aims to generate income, which can be reinvested into the Council's cultural programme, contributing to the delivery of the Culture Strategy. The policy was developed with input from internal departments and external stakeholders, including community and cultural groups, and includes detailed conditions for event organisers regarding health and safety, waste management, sustainability, and licensing.

2025/26 Q1 Budget Monitor

The Cabinet noted the Council's forecast revenue outturn position as at the end of June 2025. The report highlighted a forecast overspend of £11.8 million on the General Fund, £3.8 million on the Housing Revenue Account, and £6.2 million on the Dedicated Schools Grant. The Cabinet was also informed that the Council's MTFS forecast for the years ahead shows a substantial funding gap, which does not currently allow for any structural deficit or slippage in savings from the current financial year. In light of this, the Council will need to take in-year measures to reduce or mitigate the risks of potential future financial effects.

Draft Statement of Accounts 2024/25

The Cabinet considered and commented upon the authority's draft Statement of Accounts for the year ended 31 March 2025. These accounts have been compiled in accordance with International Financial Reporting Standards (IFRS) and submitted to the external auditor, Forvis Mazars, for audit. The draft accounts include a narrative statement, core financial statements, notes to the accounts, the housing revenue account, and the pension fund account. The Cabinet noted the Council's financial performance and position, and the process for the audit and approval of the accounts, which will involve further consideration by the Audit and Risk Management Panel and Full Council.