Issue - meetings

(Finance & Economic Development – Cllr H Whitbread) To note the General Fund and Housing Revenue Account elements of the updated MTFP (2025/26 to 2029/30) (C-028-2024-25).

(1a)      The Cabinet noted the General Fund element of the updated Medium-Term Financial Plan (2025/26 to 2029/30) (Appendix A of the agenda report); and

(1b)      The Cabinet noted the Housing Revenue Account element of the updated Medium-Term Financial Plan (2025/26 to 2029/30) (Appendix B of the agenda report).

(2)        The Cabinet considered the potential options for addressing the underlying budget deficit and would look at where savings and efficiencies could be made, in addition to where income generation could be achieved, to set a balanced and sustainable budget for 2025/26.

The Finance & Economic Development Portfolio Holder (Councillor H Whitbread) introduced the report on the Updated MTFP, which laid the foundation for the budget. There were many challenges as a £1 million deficit was forecast. This was a lower budget deficit compared to recent years and reflected the positive impact that the North Weald Airfield (NWA) capital receipt was having on Capital Financing costs. However, Capital funding from the sale of NWA land to Google was locked in. Therefore, the Council needed to see where it could make savings and efficiencies as well as generating more income. The Cabinet would engage with the Overview and Scrutiny Committee in the budget process to achieve a balanced budget.

Councillor Jon Whitehouse asked if more information could be provided on how the Transformation revenue reserve was going to be spent and generate a return? Councillor H Whitbread congratulated Councillor Whitehouse on being the chairman of Audit and Governance Committee for this municipal year, but the Leader was jointly responsible for transformation with the Transformation Portfolio Holder (Councillor S Patel). The Leader advised that transformation focussed on service delivery through shared services and around efficiencies by using technology e.g. within Customer Services, as the Council could not rely on the Google capital receipt. The Transformation Portfolio Holder remarked that the Council was progressing a digital strategy for the EFDC website with Colchester City Council and that by pooling the resources of both councils more could be achieved.

            Decision:

(1a)      That the Cabinet noted the General Fund element of the updated Medium-Term Financial Plan (2025/26 to 2029/30) (Appendix A of the agenda report); and

(1b)      That the Cabinet noted the Housing Revenue Account element of the updated Medium-Term Financial Plan (2025/26 to 2029/30) (Appendix B of the agenda report).

(2)        That the Cabinet considered the potential options for addressing the underlying budget deficit and would look at where savings and efficiencies could be made, in addition to where income generation could be achieved, to set a balanced and sustainable budget for 2025/26.