Issue - meetings

The Cabinet Member for Planning, Infrastructure and Economic Development introduced the report, stating that the budget setting process was at an early stage and referenced the all-Member held in August 2023 on the Medium Term Financial Strategy (MTFS) and budget proposals for 2024/25- 2028/9. The proposed budget savings relating to the Committee’s remit totalled £383, 000, through maximising the funding available and reducing expenditure.

The Cabinet Member stated that the budget gap for 2024/25 was around £900,000 and was projected to increase substantially in future years. The two key assumptions in drafting the MTFS and budget proposals were that:

·  Council tax would increase by the referendum limit of 3%; and

·  Fees and Charges to increase by 5% overall, in line with the increased cost of services.

The funding provided by Central Government was unlikely to address the budget gap, as 7% efficiency savings were required or services would need to be reduced or reviewed. Fees and Charges would be reviewed in the Autumn 2023.

It was stated that there was no firm assumption that parking fees would be increased but this could not be ruled out; expanding the customer base was being looked into.

During the discussion, parking provisions for residents and the future consideration of fees and charged as part of the budget setting process was briefly outlined.

RESOLVED to RECOMMEND to the CABINET: That

1.  The draft Medium Term Financial Strategy for 2024/25 to 2028/29, as set out in Appendix A to the report, be approved; and

2.  The budget proposals set out in Appendix B to the report, be approved.