2025-29 Medium Term Financial Strategy Update

October 16, 2024 Cabinet (Cabinet collective) Key decision Approved View on council website

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Summary

... to note the updated Medium Term Financial Strategy for 2025-29, positive dialogue with MHCLG, changes resulting from a new target operating model, and the budget timetable, as well as to approve a period of public engagement on proposals for financial and operational sustainability and to recommend that the Council Tax Support scheme remain unchanged.

Full council record
Content

Cabinet RESOLVED;
 
1. To note the updated Medium
Term Financial Strategy (MTFS) and related assumptions set out in
this report.
 
2. To note the positive
dialogue to date with MHCLG to develop a further package of support
in order to set a sustainable and
balanced budget for the future years 2025-26 to 2028-29.
 
3. To note the changes the
Council needs to consider resulting from the work to develop a new
target operating model, set out in paragraph 4.58 of this
report.
 
4. To approve a period of
public engagement, as set out from paragraph 4.66, on the proposals
for returning the Council to financial and operational
sustainability including the savings and growth proposals set out
in Appendices B and B1.
 
5. To note the outcome of the
public engagement will be reported back to Cabinet as part of the
budget and council tax setting decision making.
 
6. To consider the outcome of
the review of the Council Tax Support scheme as set out from
paragraph 4.40 of this report.
 
7. To approve the
recommendation to Full Council that the Council Tax Support scheme
is not changed from that agreed by Full Council resolution on 6
March 2024.
 
8. To note the budget timetable
set out in Appendix E.

Related Meeting

Cabinet - Wednesday, 16th October, 2024 6.30 pm on October 16, 2024

Supporting Documents

Appendix B - Draft Savings and Growth Proposals.pdf
2025-29 Medium Term Financial Strategy Update.pdf
Appendix A - 2025-29 Medium Term Financial Strategy Forecast.pdf
Appendix B1 - Details of New Draft Savings and Growth Proposals.pdf
Appendix F - Sensitivity Analysis - Best and Worst Case Modelling.pdf
Appendix C - 2025-29 Government Grant Forecast.pdf
Appendix D - 2025-29 Business Rates Forecast.pdf
Appendix E - Budget Setting Timetable.pdf

Details

OutcomeRecommendations Approved
Decision date16 Oct 2024
Subject to call-inYes