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 the revenue budget summary.

For the benefit of Members, the RFO outlined the contents of the report and explained that although monitoring took 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 on 25 November.

During this process, the Committee were advised the RFO scrutinised budget lines and looked 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 the budget line should be held at the same level as 2024/25 however, water rates had outstripped inflation and therefore a 18% increase had been included in the budget forecast.

Members were pleased to receive confirmation that the Project Officer had agreed additional Christmas event sponsorships which would help to increase income revenue.

The Committee was also pleased to hear that the 2024/25 budget projections showed a surplus however, understood the cost rise impact for 2025/26.

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.