Decision details

To consider the report of the Cabinet Member for Finance and Corporate Services detailing an update on the Medium Term Financial Strategy.

(i)  Note the updated medium term financial forecast as set out in Appendix 1.

(ii)  Approve indicative cash limits as a planning guide, recognising these may be refined and updated during the budget process, as set out in paragraph 70 of Appendix 1.

(iii)  Agree the next steps to developing the MTFS and creating a balanced budget, including the development of service business plans to enable Directorates to manage within the cash limit targets.

The MTFS is a dynamic plan which requires regular review and update to ensure the council has clear oversight of its medium term financial position, therefore it is best practice to bring updates revising the assumptions and progress on the plan.

There is also a need to bring forward proposals to set out how the budget shortfall for 2025/26 will be addressed.

The council is legally obliged to set a balanced budget for 2025/26 and it would be imprudent not to review progress towards achieving this requirement.

None