Decision details

The Cabinet has considered the outcomes of the review of the council’s Medium Term Financial Plan (MTFP) update 2024/25 to 2028/29 which highlights the continuing financial challenges as a result of significant budget pressures due to inflationary costs and increasing need for services, and the adjustments needed to the approved MTFP forecasts and assumptions in order to present the most accurate forecast of the council’s financial position and saving requirement over the medium-term period.

The Cabinet has then:-

(1) Noted the outcomes of the MTFP update including the identified core budget pressures in Children’s and Education services, the fleet loan facility vehicle depreciation, 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 decreased to £24.517m in 2025/26 rising to £61.898m in 2028/29 as a result of the adjustments 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 2025/26 budget setting process; and

(5) Approved the recommended use of one-off resources identified during the financial year to support the council’s in-year financial position, the 2025/26 Budget and MTFP.

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