Decision details

The Director of Resources and Deputy Chief Executive submitted a report seeking Members agreement to a revised revenue budget for 2024/25 for this Committee.

Members were reminded that at this time of year the estimates are revised for the current financial year in order to predict the likely outturn.  In essence the revised estimate was the Council’s latest forecast for the outturn on the current financial year’s budget.  This also assisted the Council in preparing the original estimates for the coming financial year.

It was noted that 4% had been originally allowed for pay and price increases.  The pay award for 2024/25 had now been settled and overall the average increase was 4.14% which was slightly higher than the 4% allowed for.  General price increases had continued to fall with CPI in the twelve months to November 2024 being 2.6%.

The difference between the Revised and Original Estimate was a decrease in net expenditure of £95,670, or a decrease of £115,820 after allowing for transfers to and from earmarked reserves.

RESOLVED THAT COMMITTEE:

Agree the revenue revised estimate for 2024/25.