Agenda item

To consider an update of the Medium Term Financial Strategy (2022/23 – 2026/27).

The Executive considered a report in respect of an update on the General Fund Medium Term Financial Strategy 2022/23 – 2026/27.

In response to a Member’s question, the Strategic Director (CF), assisted by the Strategic Director (TP), advised Members that the level of parking in the Council-operated car parks had increased in recent weeks, although was still much reduced from pre-Covid pandemic levels.  The Marshgate car park was under development for the Autolus project which, when completed, would return 50 parking spaces to the Council for public use.  The new Multi-Storey Car Park (MSCP) at the Railway Station would further increase capacity.  About 700 spaces were unoccupied in the St. Georges Way MSCP and 100 at the Westgate MSCP.  There were therefore sufficient spaces for the public to use, but they may be in different locations from where they had parked previously.

It was RESOLVED:

1.          That the change to the Medium Term Financial Strategy (MTFS) principles, as outlined in Paragraph 3.12 of the report and as amended in Paragraph 4.9.9 of the report, be approved.

2.          That, for modelling purposes, Council tax increases be set at the threshold allowed assumed at 1.99%, 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 approach to Making Your Money Count budget options, as set out in Section 4.8 of the report, be approved.

5.          That an amount of £300,000 for 2023/24 be approved for inclusion in the budget setting process to support the Transformation Fund, to help deliver the MYMC Target, as set out in Paragraph 4.8.3 of the report.

6.          That a Making Your Money Count Target of £3.03Million (of which £1.5Million relates to 2023/24), be approved for the period 2023/24- 2025/26, as set out in Section 4.9 of the report.

7.          That the revised fees and charges for Engineering charges, as set out in Appendix B to the report, be approved.

8.          That General Fund growth be only approved for the Council’s FTFC priorities and the growth allowance included in the 2023/24 budget is £75,000, and growth above that level will need to be funded by further savings in addition to the £3.03Million target identified.

9.          That a minimum level of balances for the General Fund of £3.57million be approved for 2023/24, as set out in Paragraph 4.10.8 of the report.

10.       That if there is an underspend in 2022/23, £200,000 be used to ‘top up’ the regeneration reserve, as set out in Paragraph 4.11.3 of the report.

11.       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.

12.       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.