Issue - meetings

To consider the report of the Interim Chief Finance Officer (copy enclosed).

The Committee considered the report of the Interim Chief Finance Officer presenting Members with income and savings proposals to reduce the projected budget gap through the period of the Medium-Term Financial Strategy (MTFS) 2025 / 26 to 2028 / 29.

The report provided an update in respect of the MTFS, funding expected and the projected budget gap for future years. It was noted that a further drawdown of reserves would be required to balance the revenue budget in 2025 / 26. The Finance Working Group would be undertaking further work to address the remaining gap in future years, and this would be reported to the Strategy and Resources Committee during 2025 / 26.

Appendix 1 to the report set out a number of options to close the budget gap and each item had been given a Red, Amber, Green rating in terms of deliverability and impact.

It was noted that the Strategy and Resources Committee had considered this report at its meeting on 23 January 2025 and recommended that the savings identified be supported.

In response to questions, Members were provided with further information regarding some of the saving options identified.

Councillor A S Fluker proposed that the Council agree the recommendation and thanked the Interim Chief Finance Officer, commenting that the position was much better than that reported 12 months ago. This proposal was duly seconded and upon a vote being taken was agreed.

RESOLVED that the final list of income and savings options as set out in Appendix 1 to the report, be approved.