Decision Maker: Executive

Outcome: For Determination

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: March 4, 2025

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.  

Content: 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)