Decision details

That Cabinet:-

(a)   notes the Council’s in-year financial position at the end of July 2024;

(b)   approves the proposed adjustments to the 2024/25 budget, as set out in Appendix 1H to the Portfolio Holder’s report (A.2), and requests Officers to review the potential on-going impact in 2025/26 and beyond where necessary as part of developing the forecast and detailed estimates for further consideration by Cabinet later in the year;

(c)   agrees that the Council continues to be a member of the Essex Business Rates Pool in 2025/26 if it remains financially advantageous to do so;

(d)   notes that £0.165m of unspent external funding previously received via the North Essex Health & Wellbeing Alliance, that has subsequently been carried forward into 2024/25, is being returned to them in accordance with the original agreement / MOU agreed by Cabinet on 17 September 2021;

(e)   notes the payment of £0.092m to East Suffolk District Council in-line with the previously agreed Freeport East Local Growth and Investment Strategy;

(f)   notes the updated financial forecast, as set out in this report, and requests Officers, in consultation with Portfolio Holders to further develop the financial forecast proposals alongside the development of the Council’s priorities; and

(g)   invites the views of the Resources and Services Overview and Scrutiny Committee on the information set out in this report along with the Council’s wider financial position as part of its work programme for the year.