Content

The Cabinet has
considered the Outcomes of the review of the Council’s Medium
Term Financial Plan (MTFP) 2023/24 to 2025/26 including the
underpinning MTFP forecasts and assumptions and given the changes
in the unprecedented adverse national economic conditions in terms
of increasing inflationary costs, increasing interest rates and
increasing demand for services, to ensure they continue to be based
on the latest available information, and has:-
 
(1) Noted the outcomes
of the MTFP Update including the continuing financial scarring
impacts of the pandemic, the increased inflationary pressures
including pay award, increased demand in Children’s services
and the highlighted changes to the MTFP forecasts and assumptions
approved in February.
 
(2) Approved the
forecast and assumption adjustments as a result
of the MTFP Update outlined in the report.
 
(3) Noted that the
Council’s savings requirement has slightly decreased to
£10.861m in 2024/25 rising to £44.059m in 2027/28
as a result of the adjustment
highlighted and subject to further review and updates during the
financial year.
 
(4) Noted that due to
the significant uncertainty, volatility, and risk of the financial
landscape the assessment of the MTFP forecasts and assumptions will
continue to be iterative with further updates to the MTFP reported
to Cabinet as part of the 2024/25 budget setting process; and
 
(5) Approved the
recommended use of one-off resources identified during the
financial year to support the Council’s 2024/25 Budget and
MTFP.