Decision details

With the aid of a PowerPoint presentation, the Deputy Chief Executive and Group Director of Finance, Digital and Frontline Services provided the Cabinet with an update on the Medium-Term Financial Plan (MTFP) for 2023/24 to 2026/27, based on current modelling assumptions in advance of formulating the detailed budget strategy proposals for 2024/25 during the autumn. 

The Leader thanked the Group Director for the update. The Leader sought to provide clarity on the Council’s use of its reserve fund by explaining that the Capital Programme was four times bigger than a decade ago; that there was significant investment in the modernisation of the social services provision; and that new 21^st Century Schools and other funded projects, such as flood alleviation schemes, require match funding. The Leader stated that the budget would need to be managed year by year based on funding available; and that it was right to use the reserve funding, where possible.

The Leader feared that the small service changes, which had previously been made by the Council would not be sustainable in next year’s budget, if UK Government do not release additional funding in the Autumn.

The Cabinet Member for Climate Change and Corporate Services commented on her frustration that the Council had to undertake such reviews of services in order to close the budget gap but had every confidence in the Council’s financial team.

The Deputy Leader echoed earlier comments and thanked officers for their sound financial management in what was described as ‘dire’ times. The Deputy Leader agreed that ‘invest to save’ was the correct mantra and commented that the Council’s Capital Programme was one to be envied.

The Cabinet RESOLVED:

1.    To note the current position modelled in respect of the ‘Medium Term Financial Plan 2023/24 to 2026/27’ and receive further updates in the autumn as part of the annual budget setting process; and

2.    To note that the MTFP will be presented to Council in September and will be reviewed by the Overview and Scrutiny Committee in line with their terms of reference alongside our budget consultation arrangements.