Decision

The Cabinet has
considered the outcomes of the review of the council’s Medium
Term Financial Plan (MTFP) update 2024/25 to 2028/29 which
highlights the continuing financial challenges as a result of
significant budget pressures due to inflationary costs and
increasing need for services, and the adjustments needed to the
approved MTFP forecasts and assumptions in order to present the
most accurate forecast of the council’s financial position
and saving requirement over the medium-term period.
 
The Cabinet has
then:-
 
(1) Noted the outcomes
of the MTFP update including the identified core budget pressures
in Children’s and Education services, the fleet loan facility
vehicle depreciation, and the highlighted changes to the MTFP
forecasts and assumptions approved in February;
 
(2) Approved the
forecast and assumption adjustments as a result of the MTFP Update
outlined in the report;
 
(3) Noted that the
council’s savings requirement has decreased to £24.517m
in 2025/26 rising to £61.898m in 2028/29 as a result of the
adjustments highlighted and subject to further review and updates
during the financial year;
 
(4) Noted that due to
the significant uncertainty, volatility, and risk of the financial
landscape the assessment of the MTFP forecasts and assumptions will
continue to be iterative with further updates to the MTFP reported
to Cabinet as part of the 2025/26 budget setting process; and
 
(5) Approved the
recommended use of one-off resources identified during the
financial year to support the council’s in-year financial
position, the 2025/26 Budget and MTFP.

Alternative options considered

None.