Decision Maker: Cabinet

Outcome: Recommendations approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 4, 2025

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.