The Head of Finance introduced the report for the Committee’s consideration and comment. It was highlighted that the Strategic Plan was still considered to be relevant, although emerging priorities had been identified including the Town Centre Strategy and the proposals for 1000 additional affordable homes. Key assumptions included a council tax increase of 2% and inflation of 2%, with some higher inflation assumptions for items such as energy costs. A further £500,000 had been allocated to cover any unforeseen pressures caused by high inflation.

In response to questions, the Head of Finance confirmed that the council tax revenue projection was different to the 2% council tax base increase assumption. There was a reasonable level of confidence in the next year’s growth and although there was less certainty beyond that, the strategy would be revisited every year which allowed fluctuations to be corrected.

RESOLVED: That the Committee’s comments on the draft Medium Term Financial Strategy be noted.