Issue - meetings

Report of Assistant Director of Finance

Purpose of report

This report is to inform the Executive of the proposed approach to the 2024/25 Budget and Business Planning Process and provides context and background information on the existing Medium-Term Financial Strategy and information on latest government announcements relevant to the Strategy.

Recommendations

The meeting is recommended to:

1.1         Approve the Budget and Business Planning Process for 2024/25.

1.2         Approve the base assumptions to be used for the 2024/25 budget.

1.3         Approve a five-year period for the Medium-Term Financial Strategy to 2028/29 and five-year period for the Capital Programme to 2028/29.

1.4         Approved the revised Reserves Policy at Appendix 4.

Resolved

(1)          That the Budget and Business Planning Process for 2024/25 be approved.

(2)          That the base assumptions to be used for the 2024/25 budget be approved.

(3)          That a five-year period for the Medium-Term Financial Strategy to 2028/29 and five-year period for the Capital Programme to 2028/29 be approved.

(4)          That the revised Reserves Policy (Annex to the Minutes as set out in the Minute Book) be approved.

The Assistant Director of Finance submitted a report to inform Executive of the proposed approach to the 2024/25 Budget and Business Planning Process and provided context and background information on the existing Medium-Term Financial Strategy and information on the latest Government announcements relevant to the Strategy.

Resolved

(1)           That the Budget and Business Planning Process for 2024/25 be approved.

(2)           That the base assumptions to be used for the 2024/25 budget be approved.

(3)           That a five-year period for the Medium-Term Financial Strategy to 2028/29 and five-year period for the Capital Programme to 2028/29 be approved.

(4)           That the revised Reserves Policy (Annex to the Minutes as set out in the Minute Book) be approved.

Reasons

The Council has a legal obligation to set a balanced budget and ensure it maintains a suitable level of reserves each year.  The process laid out in this report will allow CDC to develop budget proposals that will allow it to meet these legal obligations.

Alternative Options

The Council has a legal obligation to set a balanced budget and evaluate its level of reserves to ensure they are held at a suitable level.  Therefore, there are no alternative options other than to carry out a budget process that reviews the levels of reserves and identifies a budget proposal that can be delivered within the overall level of resources available to the Council.