17 Medium Term Financial Plan (MTFP) Update PDF 358 KB
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.
Additional documents:
Decision:
RESOLVED that Cabinet: -
(a) approved the budget planning process as referenced in paragraph 26;
(b) approved the timeline for key financial reports during 2021/22 as set out in appendix A;
(c) approved the financial strategy as referenced in paragraphs 18 to 23 and as set out in appendix B;
(d) approved the allocation of a further £240k to support the Councils response to the climate change and ecological emergency as referenced in paragraph 25; and
(e) noted the updated MTFP position and the key financial planning assumptions as set out in appendix C.
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 2021/22.
Minutes:
The Leader presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'B' to these Minutes in the Minute Book.
Cabinet was informed that the report presented the latest medium-term financial plan (MTFP) of the council to reflect government announcements since the February 2021 budget report and updated assumptions, and further to this that it proposes a financial strategy to support the delivery of a balanced budget for 2022/23 and a budget planning process and timeline for key financial reports.
RESOLVED that Cabinet: -
1) approved the budget planning process as referenced in paragraph 26;
2) approved the timeline for key financial reports during 2021/22 as set out in appendix A;
3) approved the financial strategy as referenced in paragraphs 18 to 23 and as set out in appendix B;
4) approved the allocation of a further £240k to support the Councils response to the climate change and ecological emergency as referenced in paragraph 25; and
5) noted the updated MTFP position and the key financial planning assumptions as set out in appendix C.
Voting: Unanimous
Portfolio Holder: Leader of the Council