Agenda item

Charter Trustees received a report of the Treasurer that provided information on the forecast of expenditure to 31 March 2025 in comparison to the 2024/25 original budget (for copy see file of minutes).

The Treasurer reported that the projected net expenditure of £68,285 at 31 March 2025 would be lower that the original budged of £78,425 by £10,140. The sum required to be drawn from reserves to balance the budget was expected to reduce from £19,085 to £8,947.

The forecast of outturn position was mainly due to the projected underspend on the Mayor’s hospitality budget, an underspend on the administration budget and additional bank interest, offset slightly by a projected overspend in relation to civic transport.

The Treasurer advised that a report would be presented on the 11 December 2024 and provide information to enable Charter Trustees to determine the budget requirement for 2025/26 and the basic level of council tax for the financial years 2025/26 to 2028/29.

Responding to a query from Councillor Blakey, the Treasurer confirmed that a list of budget options would be provided in the report for consideration at the meeting on the 11 December 2024.

Resolved:

i)      That the forecast of outturn position to 31 March 2025 be noted;

ii)     That the 2025/26 Budget report be presented to the meeting on 11 December 2024.