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.

The Cabinet Member for Finance & Corporate Services presented the report which included a balanced budget for the financial year 2024/25 and would be considered by Full Council the next month. The Cabinet Member expressed their thanks to the Executive Director and officers for their work preparing the report and stated it was a robust balanced budget which delivered on priorities. A number of savings were proposed alongside growth and investment into services.

The Executive Director Finance and Digital thanked officers and members for their work on the budget.

In response to questions, the Cabinet Member advised that Merton was maintaining a good financial position and that decisions had been taken considering future financial sustainability to maintain services. Cabinet Members spoke on the Budget for their respective portfolio areas.

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.