The report sets out the Executive’s updated 3-year budget strategy proposals including the draft revenue budget proposals for 2024/25 and the Medium-Term Financial Strategy (MTFS) for the period 2025/27. 

The key summary of figures for the revenue budget, based on current estimates are:

·         The draft overall budget movement for 2024/25 is an increase in the net budget of £8.59m or 4.1%, from £209.81m to £218.40m.

·         The budget gap for the three years before applying any of these draft budget proposals is currently estimated to be £54.93m with £20.08m relating to 2024/25.

·         The report presents a draft set of budget proposals to balance the planned budget gap of £20.08m in 2024/25, which in line with our three-year strategy, contributes towards closing this budget gap by £13.68m via a mixture of measures:

o    Additional funding 

o    Planned use of earmarked reserves

o    New savings and income generation

·         The proposals within the will now form the basis of consultation with members of staff and, where required, the general public and are therefore subject to change; the draft proposals are also subject to review by the Scrutiny Committee.

·         It should be noted that if all the budget proposals in the report are implemented there currently still remains a residual budget gap of £29.80m over the three years, comprising:

o    £6.41m in 2024/25,

o    £12.75m in 2025/26,

o    £10.64m in 2026/27,

·         Final decisions will be taken by the Executive after taking into consideration further proposals to address the gap, all relevant matters and feedback, at which time a proposed budget will be put to full Council for approval on 21 February 2024.