Issue - meetings

To receive the report of the Chief Finance Officer (copy enclosed).

The Council considered the report of the Chief Finance Officer informing Members of the updated Medium-Term Financial Strategy (MTFS) position and setting out the requirement to address the budget gap in 2025 / 26 and beyond.

The report provided background information regarding approval of the Council’s 2024 / 25 budget and MTFS projections. Updated forecasts for the periods 2025 / 26 – 2026 / 27 were also set out within the report. It was noted that further work on the MTFS would be carried out over and presented to Members for consideration via the Finance Member Group before being brought back to the Strategy and Resources Committee. Members were advised that in order to address the projected budget gap action was required to identify savings.

Following presentation of the report by the Chief Finance Officer, the Chairperson moved the recommendation set out in the report. This was duly seconded.

In response to a number of questions, the Chief Finance Officer provided the following additional information:

·                the report provided Members with an update of the work being undertaken, including any review of risks, new statutory obligations and decisions made since the last report.

·                There were some staffing costs which were unavoidable to ensure delivery of statutory services.

·                A balanced budget had been set for 2024 / 25 and a significant amount of work had been done with the Finance Member Group to ensure a balanced budget could be set. The Quarter One position for this year would be reported to the next meeting of the Strategy and Resources Committee and shows that the Council is projecting an underspend at this point in the financial year, with reserves and balances remaining health.

·                As part of the budget process Officers would continue to review assumptions and any emerging pressures.

The Leader of the Council highlighted a key priority being the future of the Council including efficiencies and the need to make sure the Council was fit for the future. He noted that the Council continued to tackle issues together and commented on the importance of the Finance Member Group work.

The Chairperson then put the proposal to the Council which was duly agreed.

RESOLVED that the Medium-Term Financial Strategy position is noted and that a further update will be reported in December 2024.