Agenda item - General Fund Budget Planning and Resource Update 2025-26
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Agenda item
General Fund Budget Planning and Resource Update 2025-26
- Meeting of Cabinet, Thursday, 26th September, 2024 2.00pm (Item 64.)
- View the background to item 64.
Decision:
That Cabinet:
1) Note the planning assumption of a Council Tax increase of 2.99% over the 4-year Medium-Term Financial Plan period and an Adult Social Care Precept of 2.00% or the equivalent in grant funding in 2025/26.
2) Note the funding assumptions and net expenditure projections for 2025/26 including a projected budget shortfall of £36.730 million.
3) Note the Medium Term financial projections for 2025/26 to 2028/29 and the predicted budget gaps totalling over £105 million over the period.
4) Note the proposed budget development approach and that members will use this to develop 4-year medium-term service and financial plans and proposals for Budget Council consideration, including detailed budget proposals to set a legally balanced budget in 2025/26 and enable the Council Tax for the year to be set.
5) Note the planning assumption of recurrently funding transformation enabling resources of at least £1 million, as set out in paragraphs 7.5 to 7.6, from the revenue budget rather than the previous practice of utilising capital receipts since 2016/17.
6) Note that projections for next year and the Medium Term Financial Plan (MTFP) will be updated following government funding announcements expected in Autumn 2024 and Spring 2025.
Supporting documents:
- General Fund Budget Planning and Resource Update 2025-26, item 64. PDF 752 KB View as HTML (64./1) 239 KB
- Appendix 1 - Summary MTFS Projections, item 64. PDF 522 KB View as HTML (64./2) 115 KB
- Appendix 2 - Resources Updates & Assumptions, item 64. PDF 457 KB View as HTML (64./3) 29 KB
- Appendix 3 - MTFS Risks and Sensitivities, item 64. PDF 263 KB View as HTML (64./4) 75 KB