Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: July 15, 2025

Purpose: To consider the report of the Cabinet Member for Finance and Corporate Services detailing an update of the Medium Term Financial Strategy.

Content: i)  To agree the updated medium term financial forecast set out in Appendix 1. ii)  To agree the next steps to developing the MTFS and maintaining a balanced budget over the medium term. iii)  To agree to underwrite a proportionate share of the costs of local government reorganisation and devolution alongside the other upper tier authorities. iv)  To agree the creation of an earmarked reserve for future costs associated with Local Government Reorganisation and Devolution. v)  To agree the virements requested in relation to managing pressures in 2025/26 as a set out in paragraph 9.

Reasons for the decision: The council’s agreed financial strategy sets out the MTFS will be updated on a quarterly basis in line with best practice. The MTFS is a dynamic plan which requires regular review and update to ensure the council has clear oversight of its medium term financial position, ensuring assumptions are reviewed and revised  where necessary  alongside progress on the delivery of the plan.

Alternative options considered: The council is legally obliged to set a balanced budget for 2026/27 and it would be imprudent not to review whether the council is still on track to achieving this.