Issue - meetings

a)    That the comments of the Scrutiny Commission be noted;

b)    That the 2024/25 provisional revenue and capital outturn be noted;

c)    That the prudential indicators for 2024/25 as shown in Appendix E to the report be noted;

d)    That the net underspend be used for the additional commitments as specified in the report;

e)    That it be noted that the current MTFS gap of £90m by 2028/29 may be exacerbated by the Government’s Spending Review announced on 11^th June and that the Director of Corporate Resources report further to the Cabinet at its next meeting on the Spending Review, its implications for the County Council’s finances and services;

f)     That in light of that further report, the procurement of external support to deliver savings be approved by the Cabinet at its next meeting.

(KEY DECISION)

REASONS FOR DECISION:

To note the provisional revenue and capital outturn for 2024/25 and agree the transfers to earmarked reserves to fund future commitments.

The Cabinet considered a report of the Director of Corporate Resources setting out the provisional revenue and capital outturn for 2024/25.  A copy of the report, marked ‘Agenda Item 3’, is filed with these minutes.  Comments from the Scrutiny Commission, which had considered a report at its meeting on 9 June, and from Mr. A. Innes CC, were circulated separately and copies are also filed with these minutes.

Mr. Harrison CC and Miss Butler CC explained that the Cabinet wanted to assess the implications of the Government’s Spending Review announced on 11^th June before deciding on the proposed bank risk share investment and procuring support to deliver savings, recognising the urgent need to address the budget gap.

Miss Butler thanked Mr. Innes for his comments and said he would be sent a written response to the points he had raised.

RESOLVED:

a)     That the comments of the Scrutiny Commission be noted;

b)     That the 2024/25 provisional revenue and capital outturn be noted;

c)     That the prudential indicators for 2024/25 as shown in Appendix E to the report be noted;

d)     That the net underspend be used for the additional commitments as specified in the report;

e)     That it be noted that the current Medium Term Financial Strategy gap of £90m by 2028/29 may be exacerbated by the Government’s Spending Review announced on 11 June and that the Director of Corporate Resources report further to the Cabinet at its next meeting on the Spending Review, its implications for the County Council’s finances and services;

f)       That in light of that further report, the procurement of external support to deliver savings be approved by the Cabinet at its next meeting.

(KEY DECISION)

REASONS FOR DECISION:

To note the provisional revenue and capital outturn for 2024/25 and agree the transfers to earmarked reserves to fund future commitments.

To consider the implications of the Spending Review before making a decision on proposed treasury management investment and external support for the delivery of savings.