Issue - meetings

To receive a report from the Deputy Chief Executive (S151) presenting the updated Medium Term Financial Plan (MTFP) providing options to update the 2025/2026 budget for consideration / approval.

The Group had before it, and NOTED, a report * from the Deputy Chief Executive (S151 Officer) presenting the options to update the 2025/2026 budget for consideration / approval.

The following was highlighted within the report:

·       The report provided a ‘refresh’ of the service areas falling under the umbrella of this Policy Development Group and showed the movement to date in the process of trying to set the budget for 2025/2026 and beyond. The budget gap for 2025/26 was currently £397k. It was hoped that the Government funding settlement expected just before Christmas and finalisation of ‘corporate budgets’ would help to plug this gap.

·       Appendix 1 listed the service areas falling under the remit of this Policy Development Group and the officer talked the Group through each line.

·       A lot of work would be needed in respect of the funding announcements expected just before Christmas and to finalise business rates in the final week before the budget was approved for next year.

·       It was hoped there would be good news regarding Council Tax and Business Rates, however, the rise in National Insurance would negatively affect the Council’s finances if not fully offset as Government have indictaed.

·       It would be a while before the full effect of the housing rents error was known on the Council’s finances.

·       The Group was reminded that there was still a significant gap predicted for future years.

·       Membership of the Capital Strategy Asset Group was clarified.

·       A report going to Cabinet in December 2024 would present the very latest position ahead of Council needing to agree a budget in February 2025.

Note: * Report previously circulated.