Decision details

Part B - Medium Term Financial Plan Financial Landscape and Forecast 2021/22 to 2024/25

Decision Maker: Cabinet

Is Key decision?: Yes

Is subject to call in?: Yes


The purpose of the report is to update the Council’s 2021/22 to 2024/25 Medium Term Financial Plan (MTFP) forecasts and assumptions as part of setting a robust and resilient budget and financial plan to meet the unprecedented uncertainty, volatility and risk within the financial landscape.


The Cabinet considered an update on the forecasts for the Council’s finances for the period 2021/22 to 2022/23 following the provisional Local Government Finance Settlement announced on 17 December 2020, and agreed to:-


·         Note the details of the 2022/23 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

·         Note, and comment upon as appropriate, the financial forecasts and assumptions for 2022/23 to 2024/25;

·         Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 21 September 2021 resulting in savings requirement of £7.435m in 2022/23;

·         Approve the allocation of £7.065m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.4 to 3.6;

·         Note the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2022/23 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2022/23 Budget; and 

·         Take the necessary steps to propose a final balanced 2022/23 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 24 February 2022.

Alternative options considered:


Interests and Nature of Interests Declared:


Reason Key: Affects 2 or more wards;

Wards Affected: (All Wards);

Equality and/or Environmental Impact Assessment: N/A

Decision Reference: CAB352

Declarations or conflicts of Interest: None.

Forward Plan Reference: LDR100/ RCG46

Other reasons / organisations consulted

As part of the 2022/23 budget setting process.

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

Report author: Jonathan Davies

Publication date: 02/02/2022

Date of decision: 01/02/2022

Decided at meeting: 01/02/2022 - Cabinet

Effective from: 09/02/2022

Accompanying Documents: