Issue - meetings

(i)                           That the first draft savings proposals as set out in Appendix A and Appendix B to the report, be noted.

(ii)                          That the revised Medium Term Financial Strategy (MTFS)

 funding gap (Appendix C), be noted.

(iii)                          That the refreshed Medium Term Financial Strategy (MTFS)  (Appendix D) be referred to the Finance, Assets and Performance Scrutiny Committee for their views.

(iv)                         That the first draft savings proposals be referred to the Finance, Assets and Performance Scrutiny Committee for their views (Appendix A and Appendix B).

(v)                          That the Mid-Year Capital Estimates for 2023/24 be approved.

The Leader introduced a report regarding the refreshed Medium Term Financial Strategy including the first draft savings proposals.

The Portfolio Holder for Finance, Town Centres and Growth stated that savings and funding strategies had been identified to address a £2.686m budget gap for 2024/25, outlined at paragraph 2.4 of the report.

There would be a council tax increase, significantly below the rate of inflation, of 1.99% for a band D property amounting to an increase of ten pence or less per week.

Identified savings enabled a continued contribution of £250,000 to the Borough Growth Fund to continue to enable investment in the Council’s priorities.

The Leader stated that a robust budget setting process began in the summer, an Efficiency Board had met and the MTFS had previously been to the Finance, Assets and Performance Scrutiny Committee.   The first draft savings had now been brought to Cabinet en-route to setting the budget which would be a balanced budget, in February.

The Portfolio Holder for Strategic Planning thanked the Finance team for an excellent report and their hard work with a process that was producing deliverable targets.

The Leader stated that the next step for this would be to go to the Finance, Assets and Performance Scrutiny Committee next week.

Resolved:    (i)       That the first draft savings proposals as set out in

Appendix A and Appendix B to the report, be noted.

(ii)             That the revised Medium Term Financial Strategy (MTFS)

          funding gap (Appendix C), be noted.

(iii)           That the refreshed Medium Term Financial Strategy (MTFS)  (Appendix D) be referred to the Finance, Assets and Performance Scrutiny Committee for their views.

(iv)            That the first draft savings proposals be referred to the

Finance, Assets and Performance Scrutiny Committee for their views (Appendix A and Appendix B).

(v)             That the Mid-Year Capital Estimates for 2023/24 be

approved.

Watch the debate here