Decision details

The Cabinet had before it a report * which updated Member’s on the Medium Term Financial Plan (MTFP) which covered the period 2024/25 to 2028/29 and which identified potential savings options for consideration / approval.

The following was brought to Members’ attention:

·         There was an estimated budget shortfall of £2.1m for 2024/2025 rising to £5.2m by 2028/2029, however there was a legal obligation to balance the budget.

·         The three levels of risk in relation to the proposed savings was explained.

·         The detail of proposed savings would be discussed by the Policy Development Groups, the Cabinet were being asked to accept the ‘principles’ of this approach and provide a corporate steer.

·         All Members were encouraged to engage in the process.

·         Further significant savings would need to be identified with some decisions being very difficult to make.

·         Members would need to receive some advice as to what the proposed savings would mean in reality for service provision.

·         It was hoped that the Government’s Funding Settlement would be known by Christmas providing more financial certainty.

·         Opportunities for partnership working and the sharing of services with other authorities continued to be explored.

·         Conversations were also being had with Town and Parish councils.

·         Decisions in relation to discretionary and non-discretionary services would need to be considered as part of closing the budget gap.

RESOLVED that:

a)    The updated MTFP for the General Fund covering the years 2024/25 to 2028/29 be NOTED.

b)    The savings options within Appendix 2, taking into account the recommendations from the Policy Development Groups, be approved. 

c)    The Policy Development Groups be requested to identify further savings options and recommend back to Cabinet for approval.

(Proposed by Cllr J Buczkowski and seconded by Cllr S Clist)

Reason for the report:

The current budget for the General Fund shows a potential deficit of £765k, with an increasing funding deficit projected in future years. This highlights the need to take steps to plan for further reductions to the Council’s ongoing expenditure levels.

Note: * Report previously circulated.