Purpose

Provide update on the councils MTFP

Content

RESOLVED that Cabinet:
-

(a)          
acknowledges the further progress towards delivering
a sustainable balanced budget for 2024/25;

(b)         
endorses the updated MTFP position; and

(c)          
approve the continuation of the current Local
Council Tax Support Scheme (LCTSS) into 2024/25.
RECOMMENDED that Council:
-

(d)          
Further to Councils decision on 12 July 2022 to apply a council
tax premium to second homes and an empty homes premium, to approve
the formal determination as required by the Levelling Up and
Regeneration Act 2023.
Voting:
Unanimous
Portfolio Holder:
Finance
Reason
To comply
with accounting codes of practice and best practice which requires
councils to have a rolling multi-year medium term financial
plan.
To present
the further progress towards delivering a balanced budget for
2024/25 and the latest high-level overview of the medium-term
financial plan.
To ensure
a prudent approach to financial management based on traditional
local government financial management processes.
To present
ongoing progress against the Best Value Notice requirement to
establish a sound budget setting process and begin preparation for
the 2024/25 budget as soon as possible and draft a sustainable MTFP
and three-year budget by the end of September 2023.
To present
for Council consideration the formal determination in support of
the previous decision to apply a council tax premium to second
homes.