Decision details

(Reason: Part 2 – Private: LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

(Decision Number D240119MEM)

Members were provided with an interim update of the Medium-Term Financial Strategy (MTFS).  Attention was drawn to the latest financial pressures, assumptions currently within the MTFS and areas of potential impact on future finances.  

As a consequence, the funding gap had grown and three scenarios were detailed in the report.  However, significant savings were required in order to preserve the integrity of the authority’s financial plans. 

It was acknowledged that the position would be likely to change again before the Cabinet and Council set the Budget in February 2025 and therefore a further update would be presented in due course.

*RECOMMENDED:  That

(1)        the current position on the Medium-Term Financial Strategy be noted; and

(2)        the areas identified causing the increase in the funding gap be noted.

*Decision taken by Cabinet Member