Issue - meetings

The purpose of this report is to enable the Policy and Resources Committee to consider the updated revenue budget for 2024/25, proposed revenue budget for 2025/26 and indicative revenue budget for 2026/27 and 2027/28, allowing their referral to Council.  These budgets form the Council’s Medium Term Financial Plan (MTFP).

It is recommended to note the report 

Alison Scott, Director of Finance, presented the report and confirmed that it included all updates in respect of the period 8 budget monitoring.

Councillor Solomons, as lead member for resources, noted that there had been a small number of adverse variances, particularly in relation to the Aquadrome and local plan, however there was sufficient contingency to cover the variances.

Members debated the position regarding the local plan funding and whether sufficient provision had been made within the emerging budget. The Chair confirmed that it was expected the Council would be receiving £70k of grant funding from government to support the further evidence sought in respect of the green belt, and it was understood this funding was not contingent on the housing figures within the local plan.

The Director of Finance committed to providing written responses in relation to questions in the reduction of income on the shop units in Furtherfield, and the location of the investment property on Oxhey Drive.

Queries were also raised by members in relation to whether the council had considered alternative delivery models to reduce business rates on leisure provision and the increased costs of the banking and external audit contracts. The Director of Finance reminded members that whilst the Council can consider alternative models, reductions in business rates are a loss to the Council. The council had been required to re-tender its banking contract and whilst the rise in costs of the external audit contract was disappointing, this was undertaken through the Public Sector Audit Appointments body and so the council had very limited control or influence over the outcome. It was noted that the Council had been successful in securing further funding from the Social Housing Decarbonisation Fund.

The Committee noted the report.