Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To consider the Medium Term Financial Strategy 2024-29.

RESOLVED: That Council adopted the Medium Term Financial Strategy, as attached at Appendix A.

REASON FOR DECISION: Adoption of a MTFS and communication of its contents will assist in the process of forward planning the use of Council resources and in budget setting for 2024/2025 to 2028/2029, culminating in the setting of the Council Tax precept for 2024/25 in February 2024. This will (alongside the existing Council Plan) support the Council in setting a budget that is affordable and aligned to Council priorities.

Audio recording – 33 minutes 38 seconds

Councillor Ian Albert presented the referral from Cabinet and the report entitled ‘Medium Term Financial Strategy’ and advised that:

·       This was an important document that sets out the importance of plans for the medium term period.

·       The medium term budget position and how the funding gap would be addressed was set out in Appendix A.

·       The strategy set out the way existing services were maintained and the challenges going forward.

·       There were pressures on the budget going forward and retendered contract costs may add to these pressures.

·       The general fund was strong which gave the ability to deliver and balance the budgets by 2028-29.

In response to a question from Councillor Terry Hone, Councillor Ian Albert advised that the Council continue to consult with residents, on ways to address the funding gap and make decisions at the right time. Any proposals on commercial activity would be announced when formal proposals had been finalised, with the input from Overview and Scrutiny Committee as required, before presenting to Full Council for consideration.

As part of the debate, Councillor Ralph Muncer highlighted the cost implications for the Council if there were statutory or legislative changes. He noted it was important that any proposals were communicated effectively with both Members and residents and note the importance of the Overview and Scrutiny and Finance, Audit and Risk Committees in having oversight of any proposals.

Councillor Ian Albert proposed and Councillor Matt Barnes seconded and, following a vote, it was:

RESOLVED: That Council adopted the Medium Term Financial Strategy, as attached at Appendix A.

REASON FOR DECISION: Adoption of a MTFS and communication of its contents will assist in the process of forward planning the use of Council resources and in budget setting for 2024/2025 to 2028/2029, culminating in the setting of the Council Tax precept for 2024/25 in February 2024. This will (alongside the existing Council Plan) support the Council in setting a budget that is affordable and aligned to Council priorities.