Issue - meetings
Draft Capital and Revenue Budgets 2025/26 Proposals
Meeting: 19/11/2024 - Cabinet (Item 9)
9 Draft Capital and Revenue Budget 2025/26 
PDF 484 KB
Minutes:
Background:
The report set out the Draft Capital and Revenue Budgets for 2025/26. In accordance with the Constitution, Cabinet was required to develop ‘initial budget proposals’ approximately three months before finalising the budget and setting Council Tax levels at the end of February 2025. The Draft Budget was based on the principles set out in the Medium Term Financial Outlook 2024-2029 considered by the Cabinet on 27 August 2024.
Progress to date in identifying savings and income generation proposals was noted. It was also noted that Medway Council’s actual funding allocations would not be confirmed until the publication of the Local Government Finance Settlement, with the Provisional Settlement expected before Christmas. As such the Draft Budget included updated funding projections only where there was more confidence as to the likely impact, primarily around local taxation. The updated savings and income generation proposals and updated funding projections together, reduced the projected gap, which this Draft Budget reflected as being funded through an increased capitalisation direction, through the Exceptional Financial Support scheme (EFS).
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number:
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Decision:
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147/2024 |
The Cabinet instructed officers to continue to work with Portfolio Holders in formulating robust proposals to reduce the budget deficit for 2025/26 and to continue to liaise with the Ministry of Housing, Communities and Local Government to secure support through the Exceptional Financial Support scheme. |
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148/2024 |
The Cabinet referred the Draft Capital and Revenue Budgets 2025/26 to the overview and scrutiny committees, inviting them to offer comments on the proposals. |
Reasons:
It is the responsibility of Cabinet to develop initial budget proposals for consideration by overview and scrutiny committees. These Draft Budget proposals are the first stage of the budget consultation process leading to further consideration by Cabinet on 11 February 2025 and formal Council Tax setting by Council on 27 February 2025.
The timetable for consideration by overview and scrutiny is as follows:
Business Support and Digital 28 November 2024
Children and Young People 3 December 2024
Health and Adult Social Care 5 December 2024
Regeneration, Culture and Environment 12 December 2024
Business Support and Digital 30 January 2025
Cabinet 11 February 2025
Council 27 February 2025