Issue - meetings

Finance and Resources

To provide an update on the budget setting process for 2023/24 and provide information on proposals to close the budget gap.

Resolved:

1.  That the movement in the budget gap, shown in Annex 1 to the report, be noted.

2.  That the savings options, income generation proposals and budget pressures, shown in Annexes 2 – 4 to the report, be noted.

3.  That the Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.

Consideration was given to a report of the Finance and Resources Portfolio Holder which provided an update on changes to the 2023/24 budget forecast since the Medium Term Financial Strategy was presented in October.

Changes included the impact of the provisional Local Government Finance Settlement, New Homes Bonus provisional allocations, revenue savings and budget pressures. The report also provided an updated Medium Term Financial Forecast covering 2023/24 to 2025/26.

In order to achieve a balanced budget, work would be undertaken to close the remaining gap of £104,000 before figures are finalised in February.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Resolved:

1.  That the movement in the budget gap, shown in Annex 1 to the report, be noted.

2.  That the savings options, income generation proposals and budget pressures, shown in Annexes 2 – 4 to the report, be noted.

3.  That the Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.