Issue - meetings

MTFF

Meeting: 31/07/2024 - Scrutiny Management Board (Item 5)

5 Medium Term Financial Forecast 2024/25 – 2028/29 pdf icon PDF 1 MB

Minutes:

The report was introduced by David Northey (Service Director for Finance) with further contributions from Ross Jago (Head of Governance, Performance & Risk).

 

Discussion regarding budget scrutiny protocol and planning was additionally brought forth to the Committee.

 

Contributions were received from Councillors Ricketts, Finn and Allison.

 

Items of discussion included:

 

a)    Cumulative savings and increased efficiencies required and hitherto attained as a result of the reduction in government funding;

 

b)    Capital projects at potential risk from a reduction in funding;

 

c)    A general overview of Budget Scrutiny planning.

 

The Committee agreed to note the Medium Term Financial Forecast 2024/25 – 2028/29.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Meeting: 08/07/2024 - Cabinet (Item 10)

Medium Term Financial Forecast 2024/25 – 2028/29

Additional documents:

Minutes:

Councillor Lowry (Cabinet Member for Finance) introduced the item and highlighted the following points:

a)    There was a £44 million forecast shortfall over the next four years, however the change in Government could affect this;

b)    £188 million had been saved through budget savings in the past decade;

c)    Assumptions included the predicted Revenue Support Grant with an annual uplift, an assumed cap on the council tax increase and the continuation of the council tax precept for Adult Social Care for 2025 and the future years;

d)    There was uncertainty about the future fair funding review and the changes to business rates due to the fact they were set out by the previous Government;

e)    There were cost pressures around key services including Adult Social Care, Children, and Homelessness, with 73% of all expenditure being spent in those areas;

f)     There was not a lot of money left to address issues such as climate change, transport, housing and communities.

 

David Northey (Service Director for Finance, Section 151 Officer) added:

g)    The forecast set out the parameters the Council would work within.

 

Councillor Evans OBE (Leader of the Council) added:

h)    The new Government would look at the Country’s resources against its priorities which would make decisions about how Local Authorities are treated.

 

Cabinet agreed to the following recommendations:

1.    To note the Medium Term Financial Forecast 2024/25 – 2028/29;  

 

2.    To note the Capital Programme including the Capital Financing Requirements;  

 

3.    To note a revised Medium Term Financial Strategy will be presented to Cabinet and recommended to City Council.