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 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 that although monitoring takes place throughout the year, this was the initial report of the Committee budget setting cycle and this would be refined ahead of the Policy, Governance & Finance Committee meeting later in month.

During this process, the Committee were advised the RFO scrutinises budget lines and looks at the inflationary rises. He also considered changes resulting from public sector pay increases and Employer National Insurance contributions. Due to uncertain energy prices, he suggested this budget line should be held at the same level as 2024/25.

Members received confirmation from the Head of Estates & Operations that the Corn Exchange Business Plan was working and that with the improved energy rating of the Burwell Hall following the boiler replacement, costs would continue to show saving in respect to energy unit use.

In response to a Members question, the RFO confirmed the decision to introduce Maglocks to the Corn Exchange was developing and therefore the potential £5,000 savings was not included in the budget.

The RFO tabled the Annual summary of the cost centres under the committees remit and further explained that costs relating to the activity of the works team were being directed to the individual cost centres to provide a greater understanding of their true cost.

Agreement of the draft revised base revenue budget for 2024/25 and the estimated base revenue budgets for 2025/26 was proposed by Councillor Enright, seconded by Councillor Smith and agreed by members unanimously.

Recommended:

1.      That, the report be noted and,

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