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On 23 July 2024, Cabinet:-
(i) Noted the context to the General Fund forecast budget gap for 2025/26 (Section 4, paragraphs 4.1 to 4.15 to the report);
(ii) Agreed the Medium-Term Financial Strategy Principles for the period 2025/26 to 2028/29 (Section 4, paragraphs 4.16 to 4.19 to the report);
(iii) Noted the General Fund forecast budget gap for 2025/26, 2026/27 and the two following financial years, including:
(a) National and Local Context, and updated MTFP forecasts (Section 5, paragraphs 5.1 to 5.11 to the report);
(b) Directorate revenue budget pressures contributing to the increased budget gap (Section 6, paragraphs 6.1 to 6.6 to the report);
(c) Updated inflation forecasts and assumptions (Section 7, paragraphs 7.1 to 7.8 to the report);
(d) Updated to the resources available to the Council (Section 9, paragraphs 9.1 to 9.2 to the report).
(iv) Noted that, as a result of the revised budget gap, the amended General Fund savings target for the 2025/26 financial year will need to increase by £50.8m to a total of £194.5m. This savings target will need to be met by the Cabinet meeting in October to enable the Council to set a balanced General Fund budget for the 2025/26 and 2026/27 financial years (Section 8, paragraphs 8.4 to 8.5 to the report);
(v) Noted the Capital Programme update (Section 10, paragraphs 10.1 to 10.6 to the report);
(vi) Noted the Risks to the Council achieving financial stability, and the importance of ensuring the Council’s reserves and balances are at a level which provides some security and cover should these materialise (Section 11, paragraphs 11.1 to 11.8 to the report);
(vii) Noted the updated 2025/26 budget-setting timetable (Section 13, paragraph 13.1 and Appendix 1 to the report);
(viii) Noted that Corporate & Finance Overview and Scrutiny Committee will consider this report and the 2024/25 savings delivery position as at May 2024, at its meeting on 26 July 2024 and report back to Cabinet in due course (Appendix 2 to the report).
THIS DECISION IS NOT SUBJECT TO CALL IN.
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