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.