Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 16, 2025

Purpose: Part A - The purpose of this report is to outline the outcomes of the summer review of the Council’s Medium Term Financial Plan (MTFP) 2025/26 to 2029/30.The report revisits the assumptions and forecasts underpinning the MTFP, and looks at any changes in national economic conditions, interest rates and increasing demand for services, to ensure they continue to be based on the latest available information.

Content: The Cabinet has considered the outcomes of the review of the council’s Medium Term Financial Plan (MTFP) update 2025/26 to 2029/30 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 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 updates outlined in the report.   (3) Noted that the council’s savings requirement has decreased to £19.162m in 2026/27 rising to £63.222m in 2029/30 as a result of the adjustments subject to further review and updates during the financial year.   (4) Noted that due to the significant demand, 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 2026/27 budget setting process.   (5) Approved the recommended use of one-off resources identified during the financial year to support the council’s in-year financial position, the 2026/27 Budget and MTFP.

Alternative options considered: None.