Decision details

The Executive considered a report in respect of an update on the General Fund Medium Term Financial Strategy 2023/24 – 2027/28.

It was RESOLVED:

1.          That the change to the Medium Term Financial Strategy (MTFS) principles, as outlined in Paragraph 3.11 and as amended in Paragraph 4.9.11 of the report, be approved.

2.          That, for modelling purposes, Council Tax increases be set at the threshold allowed assumed at 2.99%, subject to any change in Government rules, in order to help achieve a balanced budget, as set out in Paragraph 4.6.8 of the report.

3.          That the updated inflation assumptions used in the MTFS, as set out in Section 4 of the report, be approved.

4.          That the recommendation set out in Paragraph 4.3.4 of the report to transfer a maximum of £225,000 from the Business Rates Reserve should the SG1 Swingate site Joint Venture not proceed, be approved.

5.          That the approach to “Balancing the Budget” options, as set out in Section 4.8 of the report, be approved.

6.          That an amount of £300,000 for 2024/25 be approved for inclusion in the budget setting process to support the Transformation Fund, to help deliver the Balancing the Budget Target, as set out in Paragraph 4.8.3 of the report.

7.          That a Balancing the Budget Target of £3.2Million (of which £1.23Million relates to 2024/25) be approved for the period 2024/25 – 2026/27, as set out in Section 4.9 of the report.

8.          That General Fund growth be only approved for the Council’s FTFC priorities and the growth allowance included in the 2024/25 budget be £75,000.  Growth above that level will need to be funded by further savings in addition to the £3.2Million target identified.

9.          That a minimum level of balances for the General Fund of £3.50Million be approved for 2023/24, as set out in Paragraph 4.10.8 of the report.

10.       That the MTFS be regularly reviewed and revised to reflect any material financial pressures so forecasts are updated and re-presented to the Executive for approval.

11.       That the Trade Unions and staff be consulted on the key messages contained within the MTFS and more specifically when drawing up any proposals where there is a risk of redundancy.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.