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Details
Title:
Draft Medium Term Financial Strategy and Quarter 2 Budget Monitoring for 2023/24
Details:
Report of the Cabinet Member with responsibility for Resources and Value for Money.
Implementation Date (not before):
Tue 7 Nov 2023
Implementation Date Notes:
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 2024/25 to 2027/28.
Department:
Financial Services, Corporate Performance & Risk Management
Include Item on Forward Plan:
No
Estimated Cost:
Not Applicable
Is the Decision Maker Aware of the Decision:
Yes
Is the Head of Services Aware of the Decision:
Yes
Is Decision County Wide:
Yes
Would the recommended decision be contrary to the budget and policy framework:
No
Budget Provision:
As set out in the Council’s Finance Procedure Rules, the Chief Finance Officer is responsible for preparing and submitting reports on revenue budget forecasts to Cabinet.
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.
Documents to be Given to Decision Maker:
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 sustainable medium-term position. Setting a balanced budget for the coming year is a statutory requirement, therefore no other options are considered appropriate.
Decision Proposed:
1) That the draft Medium Term Financial Strategy attached as Appendix A be approved.
2) That it be approved that members and officers develop proposals to set a balanced budget for 2024/25 and beyond.
3) That the Council’s financial position in Appendix B for the period April to September 2023 together with projections of the full year outturn and reserve balances be noted.
Decision Conclusion:
None.
Decision Criteria
This Decision does not contain any decision criteria records.
Wards
Aldeburgh and Leiston; Beccles and Worlingham; Bungay and Wainford; Carlford and Fynn Valley; Carlton and Whitton; Carlton Colville; Deben; Eastern Felixstowe; Framlingham; Gunton and St Margarets; Halesworth and Blything; Harbour and Normanston; Kelsale and Yoxford; Kesgrave; Kessingland; Kirkley and Pakefield; Lothingland; Martlesham and Purdis Farm; Melton; Orwell and Villages; Oulton Broad; Rendlesham and Orford; Rushmere St Andrew; Saxmundham; Southwold; Western Felixstowe; Wickham Market; Woodbridge; Wrentham, Wangford and Westleton
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
| 26/10/2023 11:43:50 | Matt Makin | Business Item Created | |
| 26/10/2023 11:43:50 | Matt Makin | Committee Added | Cabinet |
| 26/10/2023 11:43:50 | Matt Makin | Meeting Added | 07/11/2023 6:30PM |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Aldeburgh and Leiston |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Beccles and Worlingham |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Bungay and Wainford |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Carlford and Fynn Valley |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Carlton and Whitton |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Carlton Colville |
| 26/10/2023 11:44:28 | Matt Makin | Ward Added | Deben |
Approval/Comments
No history found.