Decision details

GRA Budget Report and MTFS Update 24-25

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decisions:

Councillor R Molloy introduced the report of the Head of Finance, Procurement & Commercial Services, which sought to set a balanced Revenue Budget for the forthcoming financial year 2024/25, presented the updated Medium-Term Financial Forecast (MTFF) for the following financial years 2025/26 to 2026/27, noting the latest forecast budget gap of £1.348m, comprising:

         £1.620m in 2025/26

         (£0.272)m in 2026/27

and detailed the reserves position as at 31 March 2023 and the forecast position to 2026/27.

 

The Minute of the Executive Overview & Scrutiny Committee had been circulated prior to the meeting.

 

In reaching the decision below, Cabinet considered the report before it and the recommendations contained therein.

 

RESOLVED:

 

A.    That the General Revenue Account (GRA) budget for 2024/25 be approved based on the proposals to be presented at the Council meeting.

 

B.    That the latest GRA Medium-Term Financial Forecast (MTFF) budget gap for 2025/26 to 2026/27 be noted.

 

C.    That the latest GRA reserves position as at 31 March 2023 and forecast to 2026/27 be noted and the GRA reserves policy be approved.

 

D.    That delegated authority be given to the Chief Operating Officer and the Corporate Director to take all necessary action to implement the changes resulting from the budget proposals.

 

 

Publication date: 08/02/2024

Date of decision: 06/02/2024

Decided at meeting: 06/02/2024 - Cabinet

Effective from: 14/02/2024

Accompanying Documents: