Decision details

Part A - Medium Term Financial Plan (MTFP) Update

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: Yes


The Cabinet has considered the Outcomes of the review of the Council’s Medium Term Financial Plan (MTFP) 022/23 to 2024/25 including the underpinning MTFP forecasts and assumptions approved at the Council Budget Meeting on 24 February 2022 and determined whether these forecasts and assumptions are still appropriate in light of the context of the financial landscape, and has:-


(1) Noted the outcomes of the MTFP Update including the continuing financial scarring impacts of the pandemic, the increased Energy costs, inflationary pressures, increased demand in Children’s services and the highlighted changes to the MTFP forecasts and assumptions approved in February;


(2) Approved the forecast and assumption adjustments as a result of the MTFP Update outlined in the report;


(3) Noted that the Council’s savings requirement has increased to £16.953m in 2023/24 rising to £33.329m in 2024/25 as a result of the adjustment highlighted and subject to further review and updates during the financial year;


(4) Noted that due to the significant uncertainty, volatility, and risk of the financial landscape the assessment of the MTFP forecasts and assumptions will continue to be iterative with further updates to the MTFP reported to Cabinet as part of the 2023/24 budget setting process; and


(5) Approved the recommended use of one-off resources identified during the financial year to support the Council’s 2023/24 Budget and MTFP.

Alternative options considered:


Interests and Nature of Interests Declared:


Decision Reference: CAB398

Declarations or conflicts of Interest: None.

Contact: Jonathan Davies, Corporate and Support Services Email: Tel: 218 1025.

Publication date: 03/10/2022

Date of decision: 28/09/2022

Decided at meeting: 28/09/2022 - Cabinet

Effective from: 08/10/2022

Accompanying Documents: