Issue - meetings

This report:

·       Aims to ensure the council presents a legally balanced 2027/28 budget. 

·       Presents an update to the MTFP

·       Proposes a budget planning process and timeline for key financial reports.

·       Proposes a financial strategy to support the delivery of a robust and financially sustainable budget for the medium term. 

RESOLVED that Cabinet: -

(a)           endorsed the scenario planning exercise set out in Appendix 1 that guides the potential level of activity that may now be needed to present a legally balance budget for 2027/28;

(b)           approved the budget timetable and process as set out in Appendix 2; and

(c)           approved the financial strategy designed to support the ongoing delivery of a balanced 2027/28 Budget and MTFP as set out in Appendix 3.

Voting: Unanimous

Portfolio Holder: Finance

To comply with accounting codes of practice and best practice which requires councils to have a rolling multi-year medium term financial plan.

To comply with the Councils Constitution and the requirement to have as a minimum a 3-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 ongoing delivery of a balanced budget for 2027/28.

The Portfolio Holder for Finance 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: -

• Aimed to ensure the council presents a legally balanced 2027/28 budget; 
• Presents an update to the MTFP;
• Proposes a budget planning process and timeline for key financial reports; and
• Proposes a financial strategy to support the delivery of a robust and financially sustainable budget for the medium term. 

RESOLVED that Cabinet: -

(a)           endorsed the scenario planning exercise set out in Appendix 1 that guides the potential level of activity that may now be needed to present a legally balance budget for 2027/28;

(b)           approved the budget timetable and process as set out in Appendix 2; and

(c)           approved the financial strategy designed to support the ongoing delivery of a balanced 2027/28 Budget and MTFP as set out in Appendix 3.

Voting: Unanimous

Portfolio Holder: Finance

To comply with accounting codes of practice and best practice which requires councils to have a rolling multi-year medium term financial plan.

To comply with the Councils Constitution and the requirement to have as a minimum a 3-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 ongoing delivery of a balanced budget for 2027/28.