Issue - decisions

Medium Term Financial Analysis (MTFA) 2021/22 to 2024/25

23/10/2020 - Medium Term Financial Analysis (MTFA) 2021/22 to 2024/25


The Executive Director, Resources, submitted a report providing Members with details of the forecast financial position of the Council for the next 4 years (2021/22 to 2024/25) and to set the financial constraints within which the budgeting and business planning process will need to work to achieve a balanced budget position over the medium term.




RESOLVED: That Cabinet:-


(a) notes the forecast financial position of the Council for the next 4 years as set out in the report;


(b) notes, as a planning assumption, core Council Tax increases of 2% each year;


(c) notes the additional pressures caused by the COVID crisis, and that further transformation savings are required, and lobby Central Government for additional financial support;


(d) notes that the Council’s current level of reserves provides time for action to be taken strategically in response to the COVID crisis and the more general financial position, but that actions will be needed, on current projections, to maintain financial stability in the medium term; these actions will include further co-operation with other key stakeholders, in particular the NHS; and


(e) considers the information contained in the capital sections of the report and note that discussions will continue with Cabinet Members to provide guidance on how to proceed with the programmes highlighted.




Reasons for Decision




To inform Cabinet Members of the latest changes to the Council’s medium term forecasts, and to provide a strategic framework for the development of budget proposals and the business planning process beyond 2021/22.




Alternatives Considered and Rejected




A number of alternative courses of action are considered as part of the process undertaken by Officers before decisions are recommended to Members. The recommendations made to Members represent what Officers believe to be the best options available to the Council, in line with Council priorities, given the constraints on funding and the use to which funding is put within the Revenue Budget and the Capital Programme.




Any Interest Declared or Dispensation Granted








Reason for Exemption if Public/Press Excluded During Consideration








Respective Director Responsible for Implementation




Eugene Walker, Executive Director, Resources




Relevant Scrutiny and Policy Development Committee If Decision Called In




Overview and Scrutiny Management Committee