Issue - meetings

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

The report provides Members with an update on the interim Medium Term Financial Strategy.  Due to the commercial sensitivities contained in the report the matter will be discussed in Private.

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

(Report of Cabinet Member for Finance and Housing and Director of Finance and Transformation)

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.

Following consideration by the Finance, Regeneration and Property Scrutiny Select Committee, the Cabinet Member for Finance and Housing resolved 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.