This report provides an update to Cabinet on the Budget setting process for 2024-28 and in particular presents a balanced revenue budget for 2024/25 and capital budget, as well as revenue and capital updates over the MTFS period as a whole

RESOLVED:

1. That Cabinet considers and agrees the response to the Overview and Scrutiny Commission;

2. That the Cabinet resolved that, having considered all of the information in this report and noted the positive assurance statement given by the Executive Director, Finance and Digital based on the proposed Council Tax strategy, the maximum Council Tax in 2024/25, equating to a Band D Council Tax of £1,521.98, which is an increase of below 5% be approved and recommended to Council for approval.

3. That the Cabinet considered all of the latest information and the comments from the scrutiny process, and makes recommendations to Council as appropriate

4. That Cabinet resolved that the Budget and Medium Term Financial Strategy 2024-28 including the General Fund Budget and Council Tax Strategy for 2024/25, and the Medium Term Financial Strategy (MTFS) for 2024-28 as submitted, along with the draft Equality Assessments (EAs), be approved and recommended to Council for approval subject to any proposed amendments agreed at this meeting;

5. That the Cabinet resolved that, having considered all of the latest information and the comments from the scrutiny process, the Capital Investment Programme (as detailed in Annex 3 to the Capital Strategy); the Treasury Management Strategy, including the detailed recommendations in that Section, incorporating the Prudential Indicators and the Capital Strategy as submitted and reported upon be approved and recommended to Council for approval, subject to any proposed amendments agreed at this meeting;

6. That Cabinet noted that the GLA precept will not be agreed by the London Assembly until the 22 February 2024, but the provisional figure has been incorporated into the draft MTFS

7. That Cabinet requested officers to review the savings proposals agreed and where possible bring them forward to the earliest possible implementation date

8. That Cabinet noted that there may be minor amendments to figures and words in this report as a result of new information being received after the deadline for dispatch and that this will be amended for the report to Council in March.

9. That Cabinet considered and approved the Risk Management Strategy.

10. That Cabinet resolved that the Council’s Strategy for the Flexible Use of Capital Receipts 2022/23, as detailed in page 28-29 of the Capital Strategy be approved and recommended to Council for approval subject to any proposed amendments agreed at this meeting.