Purpose

To consider the report of the Cabinet Member for Finance and Resources providing details of the Council's financial monitoring position and an update on the Medium Term Financial Strategy.

Decision

(i)  Agree the latest forecast financial position as set out in paragraphs 3 to 50 and in Appendix 1.

(ii)  Agree the virements requested to realign the adult social care budgets between service activities as set out in paragraph 13.

(iii)  Agree the virements requested in relation to managing the unachievable people related spend transformation saving as set out in paragraph 16.

(iv)  Approve the addition and spend of £1.77M Local Authority Housing Fund (LAHF) round 4 grant funding as set out in paragraph 46.

(v)  Approve spend of £1.0M for the City Centre Movement, Access & Public Realm (Bargate Square Phase 1) as set out in paragraph 47.

(vi)  Agree the updated medium term financial forecast set out at Appendix 7.

(vii)  Agree the next steps to developing the MTFS and maintaining a balanced budget over the medium term.

Reasons for the decision

To ensure that Cabinet fulfils its responsibilities for the overall financial management of the council’s resources. The council’s agreed financial strategy sets out the MTFS will be updated on a quarterly basis in line with best practice. Regular review and update ensures the council has clear oversight of its medium term financial position, ensuring assumptions are reviewed and revised where necessary alongside progress on the delivery of the plan.

Alternative options considered

The council is legally obliged to set a balanced budget for 2027/28 and it would be imprudent not to review whether the council is still on track to achieving this requirement.