Issue - meetings

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.