The Portfolio Holder for Finance & Investment presented the report which was stage 3 of the of the 2024/25 budget setting process, following all six Advisory Committees and giving all Members the opportunities to contribute their ideas to the process. The report set out that the annual budget gap had reduced from £1.368m which was in the Financial Prospects Report, to £656,000 if all of the SCIAs were approved or £994,000 if they were not.

Although significant progress had been made in reducing the budget gap, further work was still required and it was proposed that Cabinet provided officers with a steer as to the areas to focus on to deliver the remaining savings required.

The Chief Officer Finance & Trading further advised that he was pleased to report that the Advisory Committees had supported all of the SCIAs that were presented to them, and discussed other proposals put forward by Members. It was agreed that only one should be put forward to Cabinet, to increase the maximum council tax which could be charged on an unoccupied property. This was already in the budget proposals and so no decision was required.

There remained a number of risks in the budget which included, the April 2024 pay award, increased to 3% but it may need to increase further and each 1% increase impacted the budget by about £200,000, business rates that could be financially positive, but there could be an impact on Council Tax income due to the less than expected number of properties that had been built.

The next budget update would be presented in January and would result in a revised budget position so that any changes could be made prior to the Council Tax setting report to Cabinet and Council in February.

The Cabinet discussed Appendices D and E and there was no dissent from those listed. Noting that appendix F put forward by the advisory committee had already been included in the budget there was no further discussion. The Portfolio Holders suggested there were areas their Chief Officers could look into for further savings and or income.

Public Sector Equality Duty

Members noted that consideration had been given to impacts under the public sector equality duty.

Resolved: that

a)      the comments and recommendations of the Advisory Committees regarding the growth and savings/additional income proposals (SCIAs) listed in Appendix D and detailed in Appendix E, be noted.

b)      that no further action be taken on the further growth and savings/additional income suggestions put forward by the Advisory Committees listed in Appendix F

c)      that officers look for further savings/additional income options focused on the following areas:

·         service delivery for community mobilisation,

·          grants and contracts to outside bodies,

·          investment receipts,

·         business rates inflationary impact.

Also to continue working on areas recently raised by Members including procurement and consultancy. But recognising that these may not have an immediate financial impact