Agenda item

Committee is asked to:

1.

a)    Note the proposed Outline Budget parameters for 2025-28 to  2028-29    and the issues and challenges raised in the Report.

b)    Note the current projected Budget shortfalls over the outline periods set out in Table 1 (section 6 )

c)     Subject to the recommendation of the Commercial Assets Sub Committee, agree in principle to the use of £1m per annum (pa) in 2026/2027 up to £5m pa in 2030/31 revenue income from investment assets to accelerate the building up of the investment sinking fund reserves, resulting in less income to support annual service provision.

2.

a)    Agree the Outline Corporate Transformation Programme covering the  years 2025 to 2031 which is fundamentally focused on closing the Outline Budget Gaps for the years 2025-26 to 2028-29 to ensure the ongoing financial viability of the Council. (Appendix 2).

b)    Agree to set up a Members Transformation Board, with draft terms of reference to be brought back to the next meeting of the Committee.

c)     Create a Transformation Reserve by setting aside £0.5m from Revenue to pump prime resourcing of the Outline Transformation Programme over the Outline Budget period

The Committee resolved to:

1a. note the proposed Outline Budget parameters for 2025-28 to 2028-29 and the issues and challenges raised in the report,

1b. note the current projected Budget shortfalls over the outlined periods set out in the report,

1c. subject to a recommendation of the Commercial Assets Sub-Committee, agree in principle to the use of £1m per annum in 2026/27 up to £5m per annum in 2030/31 revenue income from investment assets to accelerate the building up of the investment sinking fund reserves, resulting in less income to support annual service provision,

2a. agree the Outline Corporate Transformation Programme covering the year 2025-26 to 2028-29 to ensure he ongoing financial viability of the Council; and

2b. agree to set up a Members Transformation Board, with draft Terms of Reference to be brought back to the next meeting of the Committee.