Purpose

This report provides Members with an update on
the Council’s Medium-Term Financial Strategy (MTFS). It takes
account of the final local government financial settlement and the
delivery of the council’s improvement plan. It sets out the
current estimated journey to financial sustainability, the
estimated total Capitalisation Direction the Council will require
and the assumptions that underpin this.

Content

Resolved –
  
(1)          
That the updated Medium-Term Financial Strategy
for 2026/27 to 2030/31, including the CD request for 2026/27 and
the revised recovery period be approved;
 
(2)          
That the savings target of £50m per annum
from 2027/28 to 2028/29, currently estimated to reduce to
£40m from 2029/30 be agreed;
 
(3)          
That it be agreed to receive an updated MTFS in
March 2026;
 
(4)          
That the continued spending panel and related
control processes be agreed for a further two years until the
Council can evidence a sustainable financial position and a track
record of robust governance by 2028/29; 
 
(5)          
That the key assumptions under pinning the MTFS
listed in paragraph 5.40 be noted;
 
(6)          
That it be noted that without EFS which is
subject to a review by CIPFA and agreement by MHCLG the Council
would not be able to set a budget for 2026/27;
 
(7)          
That the current position on the DSG, the likely
Council forecast for this be noted and it be agreed that further
work be undertaken.
 
To be actioned
by: Interim Strategic Director of
Corporate Resources / S151
 
Overview and Scrutiny Area:
Corporate
 
(Steven Mair – 07786 525809)