Issue - meetings

Medium Term Financial Strategy 2023 - 2028

Meeting: 09/11/2022 - Planning and Infrastructure Policy Advisory Committee (Item 101)

101 Medium Term Financial Strategy 2023 - 2028 pdf icon PDF 145 KB

Additional documents:

Minutes:

The Lead Member for Planning and Infrastructure introduced the report and explained that the purpose of the Strategy was to show in financial terms how the Council would deliver its Strategic Plan. Following scenario planning, scenario 4 was considered the most likely and scenario 5 was the worst case, and therefore projections were shown for both. Scenario 4 was based on assumptions of a two percent Council Tax increase, a five percent pay increase for staff and general contract inflation of five percent. Finally, it was highlighted that the current five-year capital programme amounted to £230 million and due to inflation, some of the schemes may be re-prioritised.

 

Due to an error, the item was not included in the paper copies of the Agendas which had been distributed to the Committee. Therefore, the Head of Finance gave a verbal summary of the report for the Committee, and emphasized that this was the draft Strategy to agree the direction of travel, following which a more details report would be presented.

 

The Chairman shared the Committees concerns that the papers had not been printed correctly and instructed this should be investigated to ensure any issues were resolved. The Chair reiterated that the report contained the draft Strategy and that the final version would be returned to Committee prior to being adopted.

 

RESOLVED: That;

 

1.  The issues and risks associated with updating the Medium Term Financial Strategy be noted; and

 

2.  The Executive be recommended to approve the draft MTFS and the proposed approach outlined to develop an updated Medium Term Financial Strategy for 2023/24 – 2027/28 and a budget for 2023/24.