Surrey Heath Borough Council announces the successful outcome of its Base Budget Review, identifying substantial efficiencies, savings, and income generation opportunities.
The Base Budget Review report outlines strategic initiatives aimed at addressing financial challenges while upholding service standards amid increasing demand and economic uncertainties.
The proposals, detailed in the report, aim to achieve savings of £400,420 for the fiscal year 2024/25, crucially supporting the councils Medium Term Financial Strategy. The Executive has reviewed these proposals for 2024/25 and beyond, prior to formal approval next week.
The proposed decision underscores the councils commitment to fiscal responsibility without compromising essential services. The council continues to proactively navigate ongoing financial pressures worsened by global cost increases, volatile interest rates and evolving local demands.
The Base Budget Review, has proven instrumental in identifying efficiencies and enhancing income across all council services.
Cllr Leanne MacIntyre, Performance & Finance Portfolio Holder said: "We are pleased with the outcomes of the Base Budget Review.
"The identified savings will enable us to not only meet our financial targets but also deliver effective services with sustainable finances and value for residents while navigating challenging economic conditions."
The review process has successfully pinpointed savings for the upcoming year, with projections for additional savings in subsequent years. These efforts are pivotal as the council endeavours to lessen dependence on reserves and achieve long-term financial stability, given the property debt and asset maintenance challenges previously inherited.
For more details on the Base Budget Review and other items to be discussed, access the agenda of the Executive meeting on 23 July 2024 https://surreyheath.moderngov.co.uk/ieListDocuments.aspx?CId=127&MId=4354