Issue - meetings

To consider a joint report of the Leader of the Council and Cabinet Member for Finance & Resources.

The Cabinet Member for Finance & Resources (Councillor Malcolm Allan) submitted a report (copies of which had been circulated) providing an update the Council’s 2023/24 to 2025/26 Medium Term Financial Plan forecasts and assumptions taking account of local and national changes.

RESOLVED - That the Medium Term Financial Plan forecasts for the Council’s finances for the period 2023/24 to 2025/26 be noted.

The report provides  an update on the Council’s 2023/24 to 2025/26 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 is recommended to:

(1) Note the details of the 2023/24 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

(2) Note, and comment upon as appropriate, the financial forecasts and assumptions for 2023/24 to 2025/26;

(3) Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 28 September 2022 resulting in savings requirement of £4.277m in 2023/24;

(4) Approve the allocation of £8.643m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.18 to 3.20;

(5) Note the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2023/24 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2023/24 Budget; and  

(6) Take the necessary steps to propose a final balanced 2023/24 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 23 February 2023.

The Cabinet Member for Finance & Resources (Councillor Malcolm Allan) submitted a report (copies of which had been circulated) providing an update on the Council’s 2023/24 to 2025/26 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.

RESOLVED - (1) That the details of the 2023/24 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement be noted.

(2) That the financial forecasts and assumptions for 2023/24 to 2025/26 be noted.

(3) That approval be given to the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 28 September 2022 resulting in savings requirement of £4.277m in 2023/24.

(4) That approval be given to the allocation of £8.643m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.18 to 3.20.

(5) That the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2023/24 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2023/24 Budget be noted. 

(6) That approval be given to take the necessary steps to propose a final balanced 2023/24 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 23 February 2023.