The Lead Member for
Environmental Services introduced the report and referenced the
importance of the Local Government Finance Settlement which would
be announced on 17 November 2022.
The Head of Finance referenced
the timeline associated with updating the Medium-Term Financial
Strategy (MTFS), with the Committee requested to recommend that the
proposed MTFS be approved by the Executive. If approved, detailed
proposals would be presented to the Committee in January 2023.
Particular attention was drawn to the five scenarios contained
within the MTFS attached at appendix 1 to the report, with the
fifth scenario having been produced to reflect the possibility of
increase inflation over a longer time
period, with local government funding likely to be
impacted.
The Head of Finance stated that
a £2.5 million budget gap had been forecast for across
2023/24 and a £10 million budget gap across 2024/45..
The Leader of the Council
highlighted the uncertainty surrounding the increase in inflation
and the length of time until its reduction.
RESOLVED: That
1.
The issues and risks associated with updating the
Medium Term Financial Strategic are noted; and
2.
The Executive be recommended to approve the
Medium-Term Financial Strategy and the proposed approach outlined
to development of an updated Medium-Term Financial Strategy for
2023/24 – 2027/28 and a budget for 2023/24 be
approved.