Decision details

The Cabinet received a report setting out proposals to balance the budget for 2025/26 and updating projections on funding for next year following the Autumn budget.

Members noted that although the Council was close to meeting its funding gap for next year it would continue to focus on this over the next few weeks.

The Portfolio Holder for Resources and Transformation reported a correction within the report that the higher business rate multiplier applicable from 2026/27 announced in the Autumn budget affected 35 businesses and not 15 as outlined.  She also thanked the Finance Team for their hard work to get the Council to this point.

The Strategic Director (CF) advised that a further report would be brought back with further savings options, to Cabinet in January 2025, and once the prescribed levels in the increase in Council Tax were known.

It was RESOLVED:

1.    That the Balancing the Budget options as set out in the report and Appendix A, totalling £184,749 (saving) for the General Fund and £13,951 HRA respectively for 2025/26 be approved and incorporated into the Council’s budget setting processes.

2.    That the remaining savings target to find set out in paragraph 4.8.11 be noted and reported back to the Cabinet in December 2024.

3.    That the revised GF MTFS financial summary, as shown in section 4.11 to this report be noted.

4.    That the completion of the Business rates for 2024/25 (NDR 1) be delegated to the Strategic Director (S151) after consultation with the Resources and Transformation Portfolio holder (paragraph 4.3.5 refers).

5.    That the Council’s recognised unions be consulted regarding the proposed budget package.

6.    That key partners and other stakeholders be consulted, and their views considered as part of the 2025/26 budget setting process.