Issue - meetings

Medium Term Financial Plan (MTFP) Update

Meeting: 15/12/2021 - Cabinet (Item 98)

98 Medium Term Financial Plan (MTFP) Update PDF 438 KB

This report details the progress made in the development of a robust balanced budget for 2022/23. The report also sets out.

· The latest Medium Term Financial Plan (MTFP) position.

· An update on the key assumptions being applied to the 2022/23 budget and MTFP process.

· An update of the key financial risks faced by the Council.

· Details of the Government’s Spending Review (SR21).

In addition, the report proposes not to change the Local Council Tax Support Scheme (LCTSS) for 2022/23 and therefore the council will continue to operate the same scheme that it has operated since April 2019.

Additional documents:

Decision:

RESOLVED that Cabinet: -

(a) agree the current budget position for 2022/23 and the further improved MTFP position;

(b) approve the continuation of the current Local Council Tax Support Scheme (LCTSS) into 2022/23; and

(c) acknowledge the update on the key financial risks.

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 ensure Members develop a balanced budget for 2022/23.

To ask Cabinet to approve the continuation of the current LCTSS.

Minutes:

The Leader of the Council 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 advised that the report detailed the progress made in the development of a robust balanced budget for 2022/23, and that the report also set out: