Decision details

The Cabinet will be presented with a progress report on the budget setting process for 2024/25 and beyond and asked to consider appropriate proposals that would assist the Council in setting a balanced budget.

Cabinet resolved to:

(i)  Note the revised Budget Gap for 2024/25 of £23.335m and the projection of the future Medium Term Financial Strategy position for years 2025/26 and 2026/27;

(ii)  Note the current savings and growth proposals to help balance the 2024/25 budget as detailed in Appendix A to the report and agree the arrangements for public and stakeholder consultation as set out in Section 7 of the report;

(iii)  Agree to consult Borough residents and taxpayers on the levying of a 2.99% General Council Tax increase and a 2% Adult Social Care Precept to support the Borough’s most vulnerable residents, subject to those thresholds being confirmed by Central Government;

(iv)  Note that from 2024/25, the Council’s policy to support alignment with the London Living Wage in its contracts with third parties shall be reviewed on a contract-by-contract basis; and

(v)  Delegate authority to the Strategic Director, Resources, in consultation with the Cabinet Member for Finance, Growth and Core Services, to agree any additional savings proposals for 2024/25 for public consultation.