Agenda and decisions

Rhanbarthau/Wardiau yr effeithir arnynt: Pob un

Diben: Rhoi diweddariad i’r Cabinet ar y cynnydd yn erbyn cyllideb refeniw’r Cyngor ar gyfer blwyddyn ariannol 2024/25.

Awdur: Jonathan Davies, Pennaeth Cyllid (Swyddog Adran 151 Dros Dro)

Manylion Cyswllt: jonathandavies2@monmouthshire.gov.uk

That Cabinet note the overall revenue budget deficit forecast of £3,388,000.

That Cabinet endorse the budget recovery action as outlined within the report to mitigate the forecast deficit and bring the budget back to at least a balanced position by the financial year end.

That Cabinet note the budgetary risks that are inbuilt into the forecast, namely;

·       The volatility of demand for high-cost services, particularly in Adults & Children’s Social Care and Additional learning needs.

·       Continuing negotiation around national pay agreements which will further impact forecasts if it results in an award over and above the current offer and no consequential funding is received.

·       The risk of the increase in the rate of the employer’s contribution to the teacher’s pension scheme not being fully funded.

·       The potential impact upon the Council’s financial resilience from the forecast increase in the cumulative schools’ reserves deficit that is being carried on the Council’s balance sheet.

·       The risk of further non-delivery of the £10.9m of budgeted savings targets, with services currently forecasting 81.2% delivery.

·       The trend of reducing debt recovery, particularly within Council tax where there is a significant increase in the number of discounts and exemptions awarded, and slowing down in collection rates.

·       The severely limited reserve cover available to the Council.

That Cabinet note the forecast increase in the deficit on cumulative schools reserves as outlined in Appendix 3 of this report of £4,929,000. This would result in school balances ending the financial year in a deficit of £5,832,000, with nineteen of thirty-four schools forecast to be in a deficit balance.

That Cabinet note that schools which are budgeting to end the 2024/25 financial year in a deficit balance are required to bring forward recovery plans by October half term to ensure that the proposed actions to address their budget shortfalls are instigated.

Rhanbarthau/Wardiau yr effeithir arnynt: Pob un

Diben: Darparu’r diweddariad chwe-misol diweddaraf o gynllunio ariannol tymor canolig y Cyngor.

Pennu diffyg cychwynnol wedi’i fodelu yn y gyllideb ar gyfer blwyddyn ariannol 2025/26 a chytuno ar broses gosod cyllideb a fydd yn galluogi cyflwyno cyllideb gytbwys i’r Cyngor ym mis Mawrth 2025.

Awdur: Jonathan Davies, Pennaeth Cyllid (Swyddog Adran 151 Dros Dro)

Manylion Cyswllt: jonathandavies2@monmouthshire.gov.uk

That Cabinet notes a modelled initial budget shortfall of £11.4 million to be addressed.

That Cabinet sets an expectation that the budget build for 2025/26 will recognise priorities set within the Community and Corporate Plan with reducing the impact of inequality on citizens and climate change on communities being central to all considerations.

That Cabinet adopts the budget planning framework and timetable outlined in Appendix 1 and 2.

That Cabinet note the current progress indicated against the Medium Term Financial Strategy delivery plan as outlined in Section 13 of Appendix 1.

Noted.