Agenda item

To receive and consider the report of the Responsible Financial Officer (RFO) and the Draft Revised Revenue Budget for 2024/25 and Draft Budget for 2025/26.

The Committee received and considered the report of the Responsible Financial Officer (RFO) concerning the base revenue budget, draft estimates on budget parameters for 2024-25 and a revenue budget summary.

For the benefit of Members, the RFO outlined the contents of the report and explained the reasoning behind the movement of some of the budget lines to better reflect expenditure following the works depot move. This was reflected in the notes attached to the budget forecast showing where funds had been vired.

The Committee heard that the RFO, when calculating cost of living increases was using a 2% projection due to the falling inflation rate over the past year. Members were also advised that he costs of Ground Maintenance had increased by a greater rate and therefore larger increases to some of the related budgets would be needed for 2025/26.

The Committee heard that following the transfer of Unterhaching Park from West Oxfordshire District Council it had come to light that the electricity costs would need to be meet by the Town Council. Members considered if this cost should be taken from the commuted lump sum received from WODC. Members unanimously agreed that a decision be taken nearer the end of the financial year end to potentially allow the commuted lump sum to remain and the cost be met from existing budgets.

Recommended:

1.         That, the report be noted and,

2.         That, the cost of lighting at Unterhaching Park be reviewed at the end of the 2024/25 accounting period and,

3.         That, the draft revised base revenue budget for 2024/25 and the estimated base revenue budgets for 2025/26, as detailed be approved.