Meeting: 12/09/2024 - CABINET (Item 8)
8 Monthly Budget Monitoring Report 
PDF 310 KB
Minutes:
RESOLVED:
That the Cabinet:
1. Note the update provided and the approach being taken in reviewing the financial position for 2024/25.
2. Approve the financial recommendations set out in Part B of the report below:
- Note the request to continue existing operational arrangements with The Forward Trust and Farol whilst new contracts are agreed, and formal governance approved.
- Approves a public consultation exercise on the Council’s local Council Tax Reduction Scheme with a view to reforming the scheme with effect from April 2025, and delegates authority to the Chief Executive, in consultation with the Leader of the Council and Cabinet Member for Finance, to agree the detailed consultation proposals for publication.
Reasons for decision
In the absence of the Cabinet Member for Finance, the Leader of the Council read a statement from him. The statement noted that the report before Cabinet did not provide new financial information but instead described the ongoing budget process, which would lead to a comprehensive update soon. The Cabinet Member’s statement explained that the Council was currently facing financial pressures due to increased demand for services like housing, social care, and asylum provision and the impact of inflation, constrained by central Government grant funding. It was further stated that an intensive zero-based budgeting exercise was underway, examining processes and cost structures, identifying options for income maximisation, structural consolidation and efficiency savings. The new Corporate Director of Finance was assessing these options, with results to be reported in October as part of the month five budget monitoring process.
In respect of the other financial recommendations in the report, the Leader of the Council moved these for consideration, which Cabinet agreed. These related to the continuation of two contracts following the new financial controls put in place and the proposal to start a public consultation on potential revisions to the Council Tax Reduction Scheme.
Alternative options considered and rejected
None.
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Relevant Select Committee |
Corporate Resources & Infrastructure |
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Expiry date for any scrutiny call-in / date decision can be implemented (if no call-in) |
Cabinet’s decision (2b) can be called in by a majority of the select committee by 5pm, Friday 20 September 2024. |
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Officer(s) to action |
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Directorate |
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Classification |
Public The report and any background papers relating to this decision by the Cabinet are available to view on the Council's website or by visiting the Civic Centre, Uxbridge.
This item was also circulated less than 5 clear working days before the Cabinet meeting and it was considered by the Chairman to be urgent, and therefore, considered.
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