Issue - meetings

Medium Term Financial Plan (MTFP) Update

Meeting: 23/06/2021 - Cabinet (Item 17)

17 Medium Term Financial Plan (MTFP) Update pdf icon 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