Issue - meetings

A report from the Executive Director – Resources is attached.  (Key Decision – reference number 5783)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, providing an update on the Council’s five-year Medium Term Financial Plan and presenting the draft General Fund budget for 2025/26 and bringing forward a set of proposed new savings and income proposals. Members’ attention was drawn to the revised budget gap, and the intention to progress to a balanced budget. Assumptions were included in respect of the Autumn Statement and Local Government Policy statement. Implications of the Local Government Finance Statement were being worked through. A tranche of new savings were proposed in the report, and work on further new savings and income proposals would be undertaken between January and February. The update on reserves and financial resilience was highlighted. The report also set out the proposed increases to fees and charges across service departments.

In response to Members’ queries in relation to Government funding announcements and potential to help ease local authority pressures, it was confirmed that there would be a move to two-year settlement, and funding reform to be based on deprivation and need. Information on various grants was being announced and distributions were still to be confirmed.

DECISION:  The Cabinet agreed to:

I. Note the progress towards balancing the budget for 2025/26 through robust challenge to Council pressures and the identification of a further set of new savings and income proposals.

II. Agree in principle the proposed second tranche of savings and income generation proposals of £8.7m in 2025/26 put forward by departments as shown in Table 5. Further details of the indicative proposals are set out in Appendix 3(iii):

• £5.7m from service redesign, efficiencies, and demand management

• £3.0m from income generation.

III. Note that the Council’s Executive Directors have confirmed that these savings and income proposals, or suitable alternatives, will be deliverable for 2025/26.

IV. Note the details of national funding allocations announced in the Chancellor’s Autumn Statement, which was delivered on 30th October 2024 and the Local Government Policy statement on 28th November 2024.

V. Note that the provisional LGFS Settlement was announced on 18th December but at the time of writing this report Officers were still working through the implications for the MTFP and these will be incorporated in the final budget for 2025/26.

VI. Note that Enfield Council has expressed its interest to MHCLG to continue with the smaller Business Rate Pool of eight London boroughs for a further year into 2025/26.

VII. Note that the income and savings proposals set out in this report are being recommended for approval subject to consultation and assessment of the equality implications where relevant.

VIII. Note the overall forecast level of reserves over the medium term as set out in paragraphs 77 to 82 and that the S151 Officer will be required to make a statement in the final budget as to whether those reserves are adequate for the financial risks that the Council is facing.

IX. Note the proposed Fees and Charges (subject to Council  ...  view the full minutes text for item 6