Decision details

RESOLVED that Cabinet: -

(a)             Approves the budget timetable and process as set out in Appendix A;

(b)            Approves the financial strategy to support the balancing of the 2024/25 Budget and MTFP as set out in Appendix B;

(c)             Endorses the updated MTFP position which only includes approved and identified savings & efficiency proposals;

(d)            Endorses Audit & Governance Committee being asked to consider recommending to Council a reduction in the Debt Threshold to £755m (from £1.334bn)

RECOMMENDED that Council: -

(e)             Delegates to the Director of Finance in consultation with the Portfolio Holder for Finance the assets to be put forward to Council for disposal from the list endorsed by the cross-party strategic asset disposal working party, and as set out in confidential Appendix D; and

(f)              Approves a reduction in the working capital loan facility to BCP FuturePlaces Ltd. The value and timing of the reduction to be delegated to the Director of Finance in consultation with the Portfolio Holder for Finance.

Voting: Unanimous

Portfolio Holder: Finance

Reasons

To comply with accounting codes of practice and best practice

which requires councils to have a rolling multi-year medium term financial plan.

To provide Cabinet with the latest high-level overview of the medium-term financial plan.

To present a proposed financial strategy to support the delivery of a balanced budget for 2024/25.

To ensure a prudent approach to financial management based on traditional approaches to local government financial management.