Issue - meetings

(Finance & Economic Development – Cllr H Whitbread) To agree the proposed approach to Financial Planning for 2025/26 to 2029/30 (C-024-2024-25).

(1)        That the Cabinet noted the backdrop to the Financial Planning process for 2025/26 to 2029/30, including the Balance Sheet trajectory in the light of the 2023/24 budget outturn and the latest 2024/25 spending forecast; and

(2)        That the Cabinet agreed the proposed approach to Financial Planning for 2025/26 to 2029/30, including the reporting and governance timetable summarised in Appendix A.

The Finance & Economic Development Portfolio Holder remarked that the Financial Planning Framework started the budget process over the next five years. There was substantial continued pressure on Local Government finances nationally as evidenced by the rising number of high-profile “Section 114 Notices” but EFDC was not in that position. The Council faced its own financial pressures against a tough economic backdrop triggered by major external events. This was compounded by rising demand, and a steady fall in the value of Government support over several years. Despite the sale of land to Google at North Weald Airfield, the Council could not be financially dependent on this but needed to be financially sustainable. The Council would be looking to see where savings could be made and for new income streams. This was an excellent and detailed report on the challenges being faced. The Council also needed to continue with its housebuilding programme. Scrutiny of the budget was also vital.

Councillor R Baldwin remarked that Overview and Scrutiny would be working on the draft budget proposals and in his opinion last year’s scrutiny of the budget process was excellent. The Portfolio Holder replied that the way the budget was refined by scrutiny last year was invaluable, especially on which services were our priorities.

The report set out the options considered, if any, and the reasons for the recommendation and the decision.

Decision:

(1)        That the Cabinet noted the backdrop to the Financial Planning process for 2025/26 to 2029/30, including the Balance Sheet trajectory in the light of the 2023/24 budget outturn and the latest 2024/25 spending forecast; and

(2)        That the Cabinet agreed the proposed approach to Financial Planning for 2025/26 to 2029/30, including the reporting and governance timetable summarised in Appendix A.