Purpose

Updates the financial model presented to Executive in January 2025, taking account of the final local government financial settlement and the delivery of the council’s improvement plan and MTFS.

Decision

Resolved –

That it be recommended that Council: 

(1)       Approve the updated Medium-Term Financial Strategy for 2025/26       to 2029/30 and the base case deficit and recovery period; 

(2)       Agree that revenue savings of £50m per annum be actioned each        year from 2026/27 to 2029/30; 

(3)       Agree that a target for capital receipts of £150m by 31/3/28 be set; 

(4)       Agree that the capital programme be subject to continuous       reviews and reductions where costs are funded from general fund    borrowing; 

(5)       Agree the continuous review of the financial management          practices currently being undertaken; 

(6)       Note the progress on the finance restructure and support the    approach to this; 

(7)       Agree the continued spending panel and related processes until          such time as the Council can evidence a sustainable financial           position; 

(8)       Note the current work on the DSG, the likely Council forecast for         this and agree that further work be undertaken; 

(9)       Note the previously reported Improvement Plan.

To be actioned by: Director of Finance

Overview and Scrutiny Area: Corporate    (Steven Mair)