The report includes the budget savings proposals which were announced at the beginning of the year and considered and noted at a scrutiny committee meeting earlier this week.
It also includes a recommendation to raise council tax by 4.99% and details of how we will manage and spend our budget for the coming year.
As we have explained previously, our finances are under huge pressure due to external factors which are beyond our control including higher than expected inflation, rising fuel and energy costs and increasing demand for services.
These factors have led to an in-year (2023 to 2024) overspend which is forecast to be £34.1million by the end of the financial year, and, as identified in the report, have also contributed to a predicted funding gap of around £40million for 2024 to 2025.
The forecast overspend for 2023 to 2024 has increased from the £33million reported last November, mainly due to continuing rising demand in adults and children’s social care, which have been partially off-set by tight cost controls on non-essential spend.
You can read more detail in the budget and savings proposals media release and in the full revenue budget report 2024 to 2025.
At its meeting on 1 February Cabinet will make its budget recommendations which will then go to Full Council to consider when it meets on Wednesday 14 February 2024.
Many of the budget savings proposals, if it is agreed for them to go forward, will be subject to further Cabinet reports and then followed by appropriate engagement or consultation before any final decisions are made.
We will continue to keep you informed of our budget setting process.