Decision details

Revenue Budget Update 2024/25-2026/27 and Medium Term Financial Strategy

Decision Maker: Cabinet, Corporate Overview and Scrutiny Committee

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To provide an update on the Revenue Budget 2024/25 to 2026/27 and to provide an update on the Council’s Medium Term Financial Strategy

Decisions:

Consideration was given to a report of the Cabinet Member for Finance and Corporate / Director of Corporate Services that provided an update on the Revenue Budget 2024/25 to 2026/27 and the Council’s Medium Term Financial Strategy.

 

Resolved

 

1.    That the updated Revenue Budget Position 2024/25 to 2026/27, including the forecast budget gap for 2024/25 being £3.600 million be noted.

 

2.    That it be noted that further work was required to set a balanced budget at Budget Council in February 2024, following the announcement of the provisional and final settlement.

 

3.    That the update regarding the Council’s Medium Term Financial Strategy be noted.

 

 

Reason for decision

 

Cabinet was required to recommend a balanced 2024/25 Revenue Budget to Budget Council, and provisional budgets for 2025/26 to 2026/27. The Council was required to set a balanced budget for 2024/25 by 11th March 2024.

 

The Revenue Budget and Medium Term Financial Strategy were key elements of the budget setting process.

 

Alternatives considered

 

Not to consider the Revenue Budget and Medium Term Financial Strategy – this option was not recommended as the Council was legally obliged to set a balanced budget. The budget setting process was complex and must be undertaken in a planned way. It was equally important that assumptions used in the preparation of the budget were agreed, reasonable and consistently applied by all services.

 

 

 

Report author: Gareth Davies

Publication date: 29/11/2023

Date of decision: 28/11/2023

Decided at meeting: 28/11/2023 - Cabinet

Effective from: 07/12/2023

Accompanying Documents: