Decision details

Medium Term Financial Plan (MTFP) Update

Decision Maker: Corporate and Community Overview and Scrutiny Committee, Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

This report:
Presents the latest medium-term financial plan (MTFP) of the council to reflect government announcements since the February 2021 budget report and updated assumptions.
Proposes a financial strategy to support the delivery of a balanced budget for 2022/23
Proposes a budget planning process and timeline for key financial reports.

Decision:

RECOMMENDED that Council approve the second homes premium and revisions to empty homes premium subject to their confirmation via the Levelling Up and Regeneration Bill.

RESOLVED that Cabinet: -

(a)     endorsed the updated MTFP position as set out in paragraph 15;

(b)    approved the financial strategy as referenced in paragraph 21;

(c)     acknowledged the cost of living and other operating pressures likely to impact in 2022/23 and future years;

(d)    acknowledged the potential mitigation strategy in respect of cost of living and 2022/23 financial pressures; and

(e)     approved the timeline for key financial reports during 2022/23 as set out in appendix A.

Voting: Unanimous

Portfolio Holder: Leader of the Council

Reason

To comply with accounting codes of practice and best practice which require 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 2022/23.

 

Report author: Adam Richens

Publication date: 24/06/2022

Date of decision: 22/06/2022

Decided at meeting: 22/06/2022 - Cabinet

Effective from: 02/07/2022

Accompanying Documents: