Issue - meetings

A report updating Members on the 2024/25 Budget and 2024-29 Medium Term Financial Strategy, noting the latest resource and spending information and risk assessment on the level of general reserves.

Cabinet Portfolio Holder – Councillor Peter Butlin

Councillor Peter Butlin introduced the report which updated Members on the 2024/25 Budget and 2024-29 Medium Term Financial Strategy.  He also referred to the briefing note circulated after the publication of the agenda which updated Members on the information being awaited from the District and Borough Council’s.  An updated report had also been circulated and uploaded to the website for information.

Councillor Roodhouse queried the Risks Influencing the Level of General Reserves, particularly the Schools and Early Years Funding which was currently flagged as amber.  Having read the narrative he wondered how close the risk was to being coded as red.

The Leader agreed that this was a very difficult time for Councils, particularly in demand led services and felt sorry for those authorities that were more financially challenged.  She advised that she had written a long explanation letter to the Secretary of State about the challenges being faced in Warwickshire and the support needed.  This was not just financial but legislative support and would be an ongoing conversation.

In response to Councillor Roodhouse, Rob Powell, Executive Director for Resources, explained the risks were the product of judgements about likelihood and impact and assured that the Council worked closely with schools to help avoid them tipping into deficit.  The provision detailed was felt to be a reasonable amount on top of the Dedicated Schools Grant offset reserve.

Councillor Kaur highlighted the Allocation of 2024/25 Dedicated Schools Grant report at Item 5 of the agenda which provided further detail on the allocation of funding.

Councillor Butlin proposed the recommendations as laid out.

Resolved

That Cabinet

1)    note the latest resource and spending information, the advice and the impact on the emerging budget proposals presented in this report;

2)    note the Executive Director for Resources’ risk assessment on the level of general reserves, as detailed in Appendix A; and

publish, in light of the information provided, their 2024/25 budget resolutions for recommendation to Council on 8 February 2024.