Purpose

The Council's Medium Term Financial Plan
(MTFP) forecasts and assumptions for 2024/25 to 2026/27 as part of
setting a robust and resilient budget and financial plan to meet
the unprecedented uncertainty, volatility and risk within the
financial landscape. This report builds on those updates
considering any further national and local changes impacting on the
2024/25 Budget and MTFP.

Content

The Cabinet has
considered an update on the Council’s 2024/25 to 2027/28
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, and has:-
 
(1) Noted the details
of the 2024/25 Provisional Local Government Finance Settlement.
 
(2) Noted the
financial forecasts and assumptions for 2024/25 to 2027/28.
 
(3) Noted and approved
the indicative budget adjustments since the MTFP Update presented
to the Cabinet meeting on 19 September resulting in savings
requirement of £5.655m in 2024/25.
 
(4) Approved the
allocation of £16.543m of the corporate contingency budgets
to Cash Limit 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 2024/25
aligned to his risk assessment of the budget and the adequacy of
reserves and balances to support the Council’s 2024/25
Budget.
 
(6) Agreed to take the
necessary steps to propose a final balanced 2024/25 Budget
including any proposed Council Tax increase to be recommended for
approval at the Council meeting on 22 February 2024.