RESOLVED:

1.    That Cabinet notes the approach to rolling forward the MTFS for 2023-27.

2.    That Cabinet confirm the latest position with regards to savings already in the MTFS

3.    That Cabinet agrees the approach to setting a balanced budget outlined in Section 4 as the basis for the setting of targets for 2023-27

4.    That Cabinet agrees the proposed savings targets based on a standstill position.

5.    That Cabinet agrees the timetable for the Business Plan 2023-27 including the revenue budget 2023/24 the MTFS 2023-27 and the Capital Programme for 2023-27.

The Cabinet Member for Finance and Corporate Services presented the report, thanking the former Director of Corporate Services Caroline Holland for her years of service to the Council.

The report set out an initial review of the Medium term financial strategy including the capital programme, noting the impact of rising inflation for which an additional £6.5m had been allocated in next years budget. The Cabinet Member was working with officers to revise the MTFS and to identify initial savings and income targets for departments to consider.

The Interim Director Finance and Digital advised that there were still a number of unknown factors including the settlement and grants from central government and Cabinet would continue to be updated on progress. In relation to the pay award, this required two of three unions to accept the proposal and currently one had rejected and one accepted the offer, with the third union expected to relay a decision at the end of October.

RESOLVED:

1.    That Cabinet notes the approach to rolling forward the MTFS for 2023-27.

2.    That Cabinet confirm the latest position with regards to savings already in the MTFS

3.    That Cabinet agrees the approach to setting a balanced budget outlined in Section 4 as the basis for the setting of targets for 2023-27

4.    That Cabinet agrees the proposed savings targets based on a standstill position.

5.    That Cabinet agrees the timetable for the Business Plan 2023-27 including the revenue budget 2023/24 the MTFS 2023-27 and the Capital Programme for 2023-27.