Purpose

Cabinet is recommended to:

(1)  Note the updated position for the MTFS and the budget Gap of £XX over the next three financial years.

(2)  Delegate to the Strategic Director of Resources the authority to distribute any contingency budgets and/or reserves as per the Council’s financial ground rules.

Decision

Cabinet:

(1)          noted the potential funding gap of £47.709 million for the 3-year period to 2029/30 with £21.729 million in 2027/28. This is subject to the assumptions set out in paragraph 3.24 of the report and therefore may change;

(2)          noted the latest forecast requirement for EFS in 2026/27 is £6.4m based on the month 3 Budget Monitor;

(3)          noted the MTFS refresh assumes a council tax increase of 4.99% for all 3 years which is subject to Council approval; and

(4)          noted the outline timetable for the budget process as set out in paragraph 3.40 of the report.

Options & Alternatives Considered

Much of this report is concerned with provision of information, for which alternative options is not a relevant consideration.