Issue - meetings

Reporting Person – Eugene Walker

Councillor Roberts, Portfolio Holder for Finance, introduced the report which provided an interim update on the General Fund and Housing Revenue Account Budgets 2024-25.  The Executive noted that a more detailed report would be received by the Executive at its meeting on 14 December 2023, and an all Member Briefing would be held on 11 December 2023.  The Portfolio Holder highlighted that the budget gap had widened to £19.3m in 2024-25 due to increased capital financing costs and ongoing pressures on commercial income.  The Executive remained focussed on the savings target and analysing the consultation responses on the savings proposals.

It was noted that work continued on the complex debt reduction plan, building proposals to provide the basis for discussions with Commissioners, DLUHC and HM Treasury, including an asset disposal strategy.  Decisions on debt reduction would be taken in the best interests of the public purse, and it was expected that a long-term strategic asset disposal strategy would be preferred with proposals being received by the Executive and Council in due course.

Members also discussed anticipated rent increases and the level of recharges between the General Fund and HRA.

The Leader drew attention to Appendix 1 to the report which highlighted the work taking place in depth by Councillors to review the finances of the Council ahead of budget setting in February 2024.

RESOLVEd

That the information in the report be noted and the timetable and process for the budget be agreed.

Reason:   To provide information on the current budget position and timetable for further work.