Agenda item

To receive a report on the Medium Term Financial Plan (MTFP) covering the period of 2024/2025 to 2028/2029 and potential saving options from the Deputy Chief Executive (S151) Officer.

Cabinet had before it a report * from the Deputy Chief Executive (S151) Officer on the Medium Financial Plan (MTFP) covering the period of 2024/2025 to 2028/2029 and potential saving options.

The Cabinet Member for Finance outlined the contents of the report with particular reference to the following:

·         The third update of the Medium Term Financial Plan covering the five years 2024/25 to 2028/29. The report encompassed all elements including the General Fund, Housing Revenue Account and the Capital Programme.

·         The outcome was a savings increase of £307k bringing the total up to £1.644m.

·         The RAG rating was referred to from the report, red and amber indicates the savings that could be taken, but there were risks and implications, the green indicates a saving that was a recommendation by officers.

·         In addition to the revisions made to the previously provided savings, there had been a full and detailed review of all budget areas through a Star Chamber type approach.

·         In the Housing Revenue account, an update showed a stark difference to the General Fund position, the forecast included assumptions for the cost increases as a result of the cost of living crisis which remained volatile, along with additional investment in Fire Safety and preventing Damp and Mould.

·         The draft capital programme was available for review. The forecast was quite different to that projected during the current capital programme following the decision to soft close 3Rivers and remove the Post Hill development.

·         The next steps were highlighted and members were encouraged to engage in the process and report to the Policy Development groups or directly to Cabinet.

The Deputy Chief Executive (S151) Officer highlighted the following:

·         The budget position, he had heard from ministers that an announcement made on the 19^th or 20^th of December and would give detailed funding for Mid Devon District Council.

·         Soft closure process of 3Rivers, soft closure plan was agreed with 3Rivers shareholders representative with other Council Officers after the last Full Council meeting and the closure of business by March 2024.

·         Weekly meeting tracking progress against the soft closure plan.

·         St Georges sale process has had an offer made and accepted and now with the legal parties on both sides to carry out the legal due diligence process.

·         First sale at Haddon Heights in Bampton has completed and another completion will be happening next week and an update at a later date will be provided.

·         Build process at Haddon Heights is completed just decoration to take place.

·         Discussion on asset transfer were doing well and due to complete end of January.

RESOLVED that:

1.    Note the updated MTFP’s for the General Fund, Housing Revenue Account and Capital Programme covering the years 2024/25 to 2028/29 

2.    Consider and agree the revisions to the savings options within Appendix 1.

3.    Consider and agree the savings options within Appendix 2.

4.    Consider any additional suggestions to balance the remaining shortfall and request that the Policy Development Groups identify further savings options and recommend back to Cabinet for approval.

(Proposed by Cllr J Buczkowski and seconded Cllr D Wulff)