Income and Savings Proposals 2024 / 25 to 2026 / 27
To consider the report of the Interim Chief Finance Officer (copy enclosed).
Additional documents:
Minutes:
The Committee considered the report of the Interim Chief Finance Officer presenting Members with income and savings options to address budget matters in 2024 / 25 and beyond.
The report provided an update in respect of the Medium-Term Financial Strategy (MTFS) and budget gap for future years. Following agreement of the Finance Peer Review Action Plan by the Council in July 2023, the Finance Member Group (FMG) had met several times to consider options available to the Council to achieve its stated ambition of setting a balanced budget for 2024 / 25 and a sustainable MTFS.
The report set out a number of options to close the residual budget gap and Appendix 1 to the report detailed these savings, showing their 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 25 January 2024 and recommended that the exception of numbers 4 and 5 as detailed in Appendix 1 the remaining savings identified be supported.
The Leader of the Council presented the report and proposed that the recommendation set out within it be agreed. This proposal was duly seconded.
Following some discussion the Chairperson moved the proposal and this was duly agreed by assent.
RESOLVED that with the exception of numbers 4 and 5, the individual income and savings options as set out in Appendix 1 to the report, be approved to allow a balanced budget to be set out in 2024 / 25, without the need to draw on General Balances.