Purpose

Updates the financial model presented to Executive in January
2025, taking account of the final local government financial
settlement and the delivery of the council’s improvement plan
and MTFS.
 

Content

Resolved –
 
That it be recommended that
Council: 

 
(1)      
Approve the updated Medium-Term Financial Strategy for 2025/26
      to 2029/30 and
the base case deficit and recovery period; 

 
(2)      
Agree that revenue savings of £50m per annum be actioned each
       year
from 2026/27 to 2029/30; 

 
(3)      
Agree that a target for capital receipts of £150m by 31/3/28
be set; 

 
(4)      
Agree that the capital programme be subject to continuous
      reviews and
reductions where costs are funded from general fund    borrowing; 

 
(5)      
Agree the continuous review of the financial management
        
practices currently being undertaken; 

 
(6)      
Note the progress on the finance restructure and support the
   approach to this; 
 
(7)      
Agree the continued spending panel and related processes until
         such
time as the Council can evidence a sustainable financial
         
position; 

 
(8)      
Note the current work on the DSG, the likely Council forecast for
       
this and agree that further work be undertaken; 

 
(9)      
Note the previously reported Improvement Plan.
 

To be actioned by: Director of Finance
 
Overview and Scrutiny Area:
Corporate  
                   
(Steven Mair)