Decision Maker: Cabinet

Outcome: Recommendations Approved (subject to call-in)

Is Key Decision?: No

Is Callable In?: No

Date of Decision: October 28, 2025

Purpose: To consider the report of the Cabinet Member for Finance and Resources detailing an update on the Medium Term Financial Strategy.

Content: (i)  To agree the updated medium term financial forecast and its assumptions set out in Appendix 1. (ii)  To agree to draw up proposals aimed at addressing the pessimistic scenario set out in Appendix 1. (iii)  To agree the initial set of savings proposals set out in Appendix 2. (iv)  To agree to hold a budget engagement exercise commencing in November 2025 to inform the setting of the budget in February 2026.

Reasons for the decision: The council’s agreed financial strategy sets out the MTFS will be updated on a quarterly basis in line with best practice. The MTFS is a dynamic plan which requires regular review and update to ensure the council has clear oversight of its medium term financial position, ensuring assumptions are reviewed and revised where necessary alongside progress on the delivery of the plan.

Alternative options considered: The council is legally obliged to set a balanced budget for 2026/27 and it would be imprudent not to review whether the council is still on track to achieving this requirement.