Decision details

The Sub-Committee considered a report which set out the baseline assumptions for net revenue expenditure and core funding, to assist with development of the Medium-Term Financial Strategy 2025 to 2029.

The Sub-Committee was being asked to approve the assumptions and to form a Working Group to review them further over the summer with the aim of feeding back in September.

The Sub-Committee was also being asked to approve the financial reporting timetable at Appendix C to the report.

In response to members’ questions and comments, officers advised as follows:

• the RAG ratings in the report related to budget pressures and were applied by directorates. These ratings were challenged by CEBERT and directorates having to make alternative savings to cover these.
• the monitoring of budgets was undertaken by going through account and cost centre information, line by line, for all budgets across the Council to help identify any trends.
• the MTFS was about delivering the corporate priorities of the Council and the policies supporting these priorities needed to fit the resources available.

The Sub Committee highlighted that the baseline assumptions were the initial interim assumptions for the start of the process, and these would be considered by the Working Group and any changes to them would be reported back to the Sub Committee. 

It was requested that the Working Group meet via Teams and that an invite be sent out for the initial meeting to all members of the Sub Committee.

RESOLVED (by majority):  That the Sub Committee

1            approve the budget assumptions underpinning the Medium-Term Financial Strategy for 2025-29, for planning purposes, as set out in Appendix A1 to the report.

2            approve the setting up of a Finance Sub Committee Assumptions Working Group to meet informally with the Chief Finance Officer to review the current assumptions with the aim of feeding back to the September committee meeting; the Group to be made up of at least four members of the Sub Committee.

3            approve indicative savings targets and budget envelopes for each committee for 2025/26, as shown in Table 7 of the report and Appendix B to the report.

4            approve the combined Budget setting and transformation timeline, as set out in Appendix C to the report.

5            note the 2024/25 Budget change items progress, as set out in Appendix D to the report.