Purpose

The Council's Medium Term Financial Plan
(MTFP) forecasts and assumptions for 2025/26 to 2028/29 as part of
setting a robust and resilient budget and financial plan to meet
the uncertainty, volatility and risk within the financial
landscape. This report builds on those updates considering any
further national and local changes impacting on the 2025/26 Budget
and MTFP.

Content

The Cabinet has
considered an update on the Council’s 2025/26 to 2028/29
Medium Term Financial Plan (MTFP) forecasts and assumptions as part
of setting a robust and resilient budget and financial plan to meet
the unprecedented uncertainty, volatility, and risk within the
financial landscape.
 
The Cabinet was
provided with an update to the report at the meeting such that the
overall adverse impact to the Council that was referenced in the
report had increased by a further £165k.  The Cabinet then agreed to:-
 
(1) Note the details
of the 2025/26 Provisional Local Government Finance Settlement;
 
(2) Note the financial
forecasts and assumptions for 2025/26 to 2028/29.
 
(3) Note and approve
the indicative budget adjustments since the MTFP Update presented
to the cabinet meeting on 18 September resulting in savings
requirement of £10.048m in 2025/26;
 
(4) Approve the
allocation of £7.779m of the corporate contingency budgets to
service budgets as part of the budget setting process;
 
(5) Note the Director
of Finance – Section 151 Officer’s recommendation to
hold the council’s General Fund Balance at its current level
£15.183m in 2025/26 aligned to his risk assessment of the
budget and the adequacy of reserves and balances to support the
council’s 2025/26 Budget; and
 
(6) Take the necessary
steps to propose a final balanced 2025/26 Budget including any
proposed Council Tax increase to be recommended for approval at the
Council meeting on 27 February 2025.