Purpose

Present the latest medium-term financial plan (MTFP) of the council

Decision

RESOLVED that Cabinet: -

(a)           Approve the budget timetable and process as set out in Appendix A;

(b)           Endorse the scenario planning exercise that guides the potential level of activity that may now be needed to present a legally balance budget for 2025/26;

(c)           Approve the financial strategy designed to support the ongoing delivery of a balanced 2025/26 Budget and MTFP as set out in Appendix B;

(d)           Note the outcome of the CIPFA Financial Resilience Review and associated action plan; and

(e)           Note the letter submitted by the Director of Finance to DLUHC and CIPFA outlining the challenge that the deficit on the Dedicated Schools Grant presents

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires councils to have a rolling multi-year medium term financial plan.

To provide Cabinet with the latest high-level overview of the medium-term financial plan.

To present a proposed financial strategy to support the ongoing delivery of a balanced budget for 2025/26.

To present the CIPFA Financial Resilience Review.

To present the letter submitted to DLUHC and CIPFA in regard to the difficulties presented by the accumulating DSG deficit.