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Details
Business Item
Medium Term Financial Strategy and Quarter 2 Budget Monitoring for 2024/25
Date of Decision
Tue 5 Nov 2024
Description
Report of the Cabinet Member with responsibility for Resources and Value for Money
Matter for Decision (to consider...)
To approve an updated draft Medium Term Financial Strategy (MTFS), taking account of new and revised risks in order for the Council to set a balanced budget that delivers its priorities for the period under review 2025/26 to 2028/29.
Provide an overview of the Council’s projected financial performance as at Quarter 2 for the financial year 2024/25 in respect of the General Fund, Reserves, Housing Revenue Account (HRA) and the Capital Programme.
Service Area
Financial Services, Corporate Performance & Risk Management
Service Area 2
Not Applicable
Is Decision District Wide
Yes
Decision Made
That Cabinet:
1. Approved the draft Medium Term Financial Strategy attached at Appendix A.
2. Approved that members and officers develop proposals to set a balanced budget for 2025/26 and beyond.
3. Noted the Council’s financial position in Appendix B for the period April to September 2024 together with projections of the full year outturn.
Reason for Decision
To approve an updated draft MTFS, taking account of new and revised risks in order that the Council will be able to set a balanced budget that delivers its priorities for the period under review 2024/25 to 2027/28.
Alternative Options Considered and Rejected
The consideration of the MTFS by Members at an early stage of the budget process is essential, especially in order to commence actions to achieve a balanced budget and a sustainable medium-term position. Setting a balanced budget for the coming year is a statutory requirement, therefore no other options are considered appropriate.
Any Declarations of Interest Declared
None
Any Dispensation Granted
None
Decision Criteria
This Decision does not contain any decision criteria records.
Wards
This Decision does not contain any Ward records.
Topics
This Decision does not contain any Topic records
Overview and Scrutiny
This Decision does not contain any Overview and Scrutiny records.
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Decision History
| 22/10/2024 16:09:41 | Lorraine Fitch | Business Item Created | |
| 22/10/2024 16:09:41 | Lorraine Fitch | Committee Added | Cabinet |
| 22/10/2024 16:09:41 | Lorraine Fitch | Meeting Added | 05/11/2024 6:00PM |
| 22/10/2024 16:16:04 | | General Details Edited | Reference Number Generated (ES/2142) |
| 22/10/2024 16:16:04 | Lorraine Fitch | Status Changed | Decision Scheduled [1] |
| 24/10/2024 14:02:36 | Lorraine Fitch | General Details Edited | |
| 24/10/2024 16:13:49 | Alli Stone | Report Added | Document ID 30065: ES-2142 Appendix A |
| 24/10/2024 16:13:53 | Alli Stone | Report Added | Document ID 30066: ES-2142 Appendix B |
| 24/10/2024 16:13:58 | Alli Stone | Report Added | Document ID 30067: ES-2142 Medium Term Financial Strategy and Quarter 2 Budget Monitoring for 2024-25 |
| 24/10/2024 16:14:56 | Alli Stone | Report Removed | Document ID 30065: ES-2142 Appendix A |
Approval/Comments
No history found.