Agenda item

Executive Summary

This report presents the latest iteration of the budget for 2024/25. It is intended to present the position as we currently know it and it will need to be updated as more information becomes available e.g. the impact of the final  Local Government Finance Settlement for 2024/25.

Options considered.

No other options have been considered as it is a requirement to calculate “the expenditure which the authority estimates it will incur in the forthcoming year in performing its functions” and then subtract “the sums which it estimates will be payable for the year into its general fund”. This is required to set a balanced budget before 11 March 2024.

Consultation(s)

The Overview and Scrutiny Committee have reviewed the content and have made recommendations to Cabinet for its consideration. This is the only consultation that has taken place prior to this paper being presented to Cabinet. Consultation with other stakeholders is planned to take place, e.g. Council Taxpayers and Business Rates payers, the results of which will be incorporated into the report being presented to full Council on 21 Feb 2024.

Recommendations

That Cabinet consider any recommendations made by Overview and Scrutiny.

That Cabinet consider the list of proposed savings, the use of reserves and the setting of a savings target and decide on the combination to include in the Budget for 2024/25 so that a balanced budget can be recommended to full Council.

That Cabinet agree to use of any additional funding announced as part of the final Local Government Settlement announcement to replace the use of reserves.

That Cabinet decide which proposed new capital bids should be recommended to full Council for inclusion in the Capital Programme.

Reasons for recommendations

To enable the Council to set a balanced budget.

Background papers

2023/24 Budget report presented to full Council on 22 February 2023.

2024/25 Budget Report presented to Cabinet on 8 January 2024

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley

Director of Resources and s151 Officer

tina.stankley@north-norfolk.gov.uk

Links to key documents:

Corporate Plan:         

Strong Responsible & Accountable Council.

Medium Term Financial Strategy (MTFS)                                

The setting of a balanced budget for 2024/25 provides the base position for reviewing the following years of the Medium-Term Finance Plan.

Council Policies & Strategies

Budget Setting & Medium-Term Finance Strategy.

Corporate Governance:

Is this a key decision 

Yes

Has the public interest test been applied

Yes

Details of any previous decision(s) on this matter