Purpose

The Council's Medium Term Financial Plan
(MTFP) forecasts and assumptions for 2026/27 to 2029/30 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 2026/27 Budget
and MTFP.

Content

The Cabinet has
considered an update on the Council’s 2026/27 to 2029/30
Medium Term Financial Plan (MTFP) forecasts and assumptions as part
of setting a robust and resilient budget and financial plan, and
has:-
 
(1) Noted the details
of the 2026/27 Provisional Local Government Finance Settlement.
 
(2) Noted the
financial forecasts and assumptions for 2026/27 to 2029/30.
 
(3) Noted and approved
the indicative budget adjustments since the MTFP Update presented
to the Cabinet meeting on 16 September resulting in savings
requirement of £14.812m in 2026/27.
 
(4) Approved the
allocation of £11.436m of the corporate contingency budgets
to service budgets as part of the budget setting process.
 
(5) Noted the Section
151 Officer’s recommendation to hold the council’s
General Fund Balance at its current level £15.183m in 2026/27
aligned to his risk assessment of the budget and the adequacy of
reserves and balances to support the council’s 2026/27
Budget.
 
(6) Noted the Section
151 Officer’s recommendation to forecast annual increases in
Council Tax of 4.99% as an MTFP Planning assumption reflecting
government’s expectation to achieve Core Spending Power (CSP)
increases included in the provisional settlement.
 
(7) Agreed to take the
necessary steps to propose a final balanced 2026/27 Budget
including any proposed Council Tax increase to be recommended for
approval at the Council meeting on 26 February 2026.

Alternative options considered

None.