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Decision details
Medium Term Financial Strategy
Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
The Council looks to forecast its financial position over the medium term in order to ensure it can align corporate objectives with available resources.
This Medium Term Financial Strategy (MTFS) seeks to identify the financial risks that will affect the annual budgets for each of the next 3 years, and the anticipated resources that will be available to the Council.
Decision:
That Cabinet agree:
1) Officers continue with detailed work to bring forward business case options to the Executive designed to address the deficit by curbing unplanned cost increases, reduce core costs and/or increase income.
2) Officers report monthly to the Executive on progress with developing and implementing the business cases, savings achieved/identified to date and the latest financial position.
3) Officers provide regular updates to the Executive on all the other management action points listed in this report.
4) An urgent review of all fees and charges be undertaken with the aim of implementing them as soon as legally possible (allowing for any statutory consultation periods).
5) The council request that the LGA (Local Government Association) organise a finance peer challenge in early Spring 2023.
6) A review of the capital programme is completed to ensure it is affordable and commencement of new capital schemes which require borrowing is restricted until the strategy to address the financial deficit has been determined.
(*Exceptions to include schemes that demonstrate reduction in revenue costs, orwhere schemes are fully externally funded).
7) A further, more detailed Medium Term Financial Strategy be bought to the October Cabinet meeting setting out more detail of the strategy to address the budget deficit, including scenario planning, as well as in-year and other budget savings where these have been identified.
Report author: Simon Jones
Publication date: 06/09/2022
Date of decision: 05/09/2022
Decided at meeting: 05/09/2022 - Cabinet
Accompanying Documents:
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