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.

To Follow

The Committee received and considered the report of the Responsible Financial Officer (R.F.O) which outlined the revised revenue budgets for 2024-25, draft estimates for 2025-26 and the budget parameters being worked to.

Members were advised the revenue budgets were concerned with costing the things the Council was already doing and committed to taking on. The Council was very active in improving services and facilities which meant there were large infrastructure pressures; there were new areas being taken on from the District Council and the cost of providing services was increasing year on year.

The RFO advised some caution should be exercised with the new year figures in the report as this was the first draft based on current information, and at this meeting and in coming weeks further work would be required, the Council Tax base would also be known. There may be small savings to be made and there were earmarked reserves, but if these did not fill the funding gaps, recommendations from Committees would have to be scrutinised further or modest reductions made to other budgets.

Options regarding the 2025-26 precept level and potential use of reserves would be presented at a Special Meeting of Council on 16^th December but as reserves had been used to offset the budget in the last year, that option would be less favourable.

Members agreed this would be a difficult budget to navigate and decisions would need to be made on what was essential and what was desirable. The whole Council needed to work collaboratively in the spirit of achieving the best result for residents.

Resolved:

1.      That, the report be noted and,

2.      That, further consideration be given to the draft revenue budgets and estimates later in this meeting.