Decision details

(Cabinet Member with Special Responsibility Councillor Hamilton-Cox)

Cabinet received a report from the Chief Finance Officer that provided an update on the Council’s Medium Term Financial Strategy forecasts for 2026/27 to 2030/31 and outline the approach to balancing the budget.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

The report set out:

·       An updated budget gap analysis taking account of the latest funding outlook and other information on expenditure and income pressures.

·       A summary of the budget framework strategy

It was critically important that all Members understand that the position reported was an interim update of the baseline position and primarily for information. It contained a series of estimates and assumptions that were based on the latest information available. These were highly likely to change over the coming months as he budget process was worked through. It did not include any impact the Local Government Finance Settlement due mid-December might have.

It must be reiterated that the current forecasts do not include any interventions by Cabinet, Senior Leadership Team or the outcomes of the Local Government Settlement. Whilst some savings have been delivered, the forecasts show that potential annual and cumulative budget deficits still remain over the next 5 years and continue to need to be addressed.   In light of this, balancing the budget both in the short and the medium term remains a tough task and all Members must work together and recognise that they will face a number of difficult but key decisions as part of the forthcoming budget and over the coming financial years which will affect the manner in which it delivers its services.

Councillor Hamilton proposed, seconded by Councillor Bottoms:-

“That recommendations 1 & 3 be noted and recommendation (2)  as set out in the report, be approved.”

Councillors then voted:-

Resolved unanimously:

(1)           The draft futureyears estimates as setout in the report as the latest information available,acceptingthat thisisan interim position be noted.

(2)           That the update be agreed and referred ontoDecemberCouncil forinformation.

(3)         That the Council Tax Base for 2026/27 as set out in paragraph 3.8. to the report  be noted.

Officer responsible for effecting the decision:

Chief Officer Resources

Reasons for making the decision:

Performance, project, and resource monitoring provides a link between the Council Plan and operational achievement, by providing regular updates on the impact of operational initiatives against strategic aims.