Issue - meetings

This report recommends budget targets for 2025/26 and provides an update on financial planning for 2026/27 to 2028/29 as recommended by Financial Strategy Advisory Group.

Following consideration, the Committee unanimously resolved to agree:

(1)       to note the recommendations of Financial Strategy Advisory Group held on 12 July 2024;

(2)       the proposed approach to 2025/26 budget setting as set-out in the report to Financial Strategy Advisory Group at Appendix 2 to the report, in particular;

·       That officers work to progress the workstreams set out in section 7 of Appendix 2 to the report to produce specific income generation and savings options, in addition to savings already targeted, to meet the projected budget deficit of £720,000 per annum by 2028/29;

·       That the proposed Five Year Plan and the budget process are aligned to ensure that any commitments are affordable;

·       The budget reporting timetable as supported by Financial Strategy Advisory Group.

The Committee received a report recommending budget targets for 2025/26 and providing an update on financial planning for 2026/27 to 2028/29 as recommended by the Financial Strategy Advisory Group.

The following matters were considered:

a)             Homelessness. In response to a question from a member, the Chair reminded the Committee that the Community and Wellbeing Committee was the lead committee with responsibility for addressing homelessness in the Borough. In response to a question from another member, the Chair informed the Committee that issues relating to homelessness were included as a standing item at his monthly meeting with Officers and that this was also the case for the Chair of the Community & Wellbeing Committee.

b)             Asset Management. In response to a question from a member, the Chief Executive and Vice Chair informed the Committee that the output from Asset Reviews undertaken over the coming year would be presented to a Member Working Group for consideration.

Following consideration, the Committee unanimously resolved to agree:

(1)       to note the recommendations of Financial Strategy Advisory Group held on 12 July 2024;

(2)       the proposed approach to 2025/26 budget setting as set-out in the report to Financial Strategy Advisory Group at Appendix 2 to the report, in particular;

·       That officers work to progress the workstreams set out in section 7 of Appendix 2 to the report to produce specific income generation and savings options, in addition to savings already targeted, to meet the projected budget deficit of £720,000 per annum by 2028/29;

·       That the proposed Five Year Plan and the budget process are aligned to ensure that any commitments are affordable;

·       The budget reporting timetable as supported by Financial Strategy Advisory Group.