Decision

Cabinet approved the following recommendation:

·       That Cabinet note the revised medium term financial planning forecast to 2026/27 and to agree the budget process approach as set out in the report.

Reasons for Decision

The preparation of the budget and three-year medium term financial plan is the first stage of the annual business planning cycle for the forthcoming financial year 2024/25. There is a statutory requirement to set an annual balanced budget and submit budget returns to the department of Levelling Up, Housing and Communities (DLUHC). Approval of the revenue estimates constitutes authority for the incurring of expenditure in accordance with approved policies. It is considered good practice to produce medium financial plans.