The Executive RESOLVEd
That (i) the current assessment and categorisation of the approved 2024/25 budget into the three categories of “one-off”, “debt overhang” and “underlying” elements, be noted;
(ii) the process put in place to compile the 2025/26 Budget and Medium-Term Financial Strategy [MTFS] be noted and endorsed;
(iii) the planned timetable and schedule of activities to deliver a final Budget and MTFS report at the end of February / beginning of March 2025 be noted and endorsed; and
(iv) the proposed approach to consultation on the proposed budget be noted and endorsed.
Reason: The Council is legally required to set a budget (considering the longer-term outlook through an MTFS, which is, in the opinion of the s151 Officer, robust and allows for adequate future levels of reserves to manage potential risk levels. The report appraises Members of the work undertaken and planned to provide Council with budget options that meet those requirements.
The development and delivery of a sustainable and balanced budget is integral to the over-arching Woking For All Strategy, which is the Council’s corporate plan. The overall approach to setting the 2025/26 budget remains in accordance with the guiding principles adopted by the Council in July 2023, and in particular included the need to be a smaller and more efficient Council, looking to fund non-statutory services only where they were self-funded.