Issue - meetings

The Cabinet were presented with a report from the Deputy Chief Executive which updated Member’s on the updated Medium Term Financial Plan (MTFP) which covered the period 2023/24 to 2027/28 and accounted the Council’s key strategies (i.e. the Corporate Plan, Business Plans, Treasury Management Plan, Asset Management Plan, Work Force Plan and Capital Strategy) and demonstrated it had the financial resources to deliver the Corporate Plan. This modelled potential changes in funding levels, new initiatives, unavoidable costs and proposed service savings.

Consideration was given to:

·        That Members took an active role in the forthcoming PDG meetings, for the budget process.

·        That every year there seemed to be a budget gap. There was a need to have a strategy and for the gap to be managed. It was felt that the PDGs were compartmentalised and there was a need for a more holistic approach.

·        This exercise was to support the council in this financial year and through to the MTFP and that Member’s input would be welcomed.

·        A top down approach of setting the scene was applied with a bottom up strategy where Members could feedback through the PDGs due to the complex nature of the budget.

·        There was no mention of 3 Rivers Development Ltd in the report.

Officers provided a response stating that the Council was in a very challenging position and noted that other local authorities had similar budget gaps. The Council’s cost base had risen between 10 – 15% with income figures having not fully recovered post pandemic. They agreed that a strategy was needed but also every service needed to be assessed. In addition, officers had engaged with Members as well as residents to be part of this process.

RESOLVED: That

• Note the updated MTFP’s for the General Fund and Housing Revenue Account and the updated Capital Programme all covering the five years 2023/24 to 2027/28 and endorse the proposals outlined in paragraphs 5.6, 5.7 and 6.2 as the approach to balancing the General Fund Revenue Budget.

• Seek recommendations from the Policy Development Groups on the appropriate fees for Services to charge and the services areas where savings should be sought and to what level.

(Proposed by Cllr B A Moore, seconded by Cllr C Slade)

Reason for decision – As stated in the report.