RESOLVED that Cabinet: -
(a) acknowledged the progress in delivering a sustainable balanced budget for 2024/25;
(b) endorsed the updated MTFP position; and
(c) approved the implementation of a voluntary redundancy process to support the delivery of a balanced budget for 2024/25 with delegation to the Chief Executive, in consultation with the Leader of the Council, to develop an appropriate policy.
Voting: Unanimous
Reasons
To comply with accounting codes of practice and best practice which requires councils to have a rolling multi-year medium term financial plan. To present progress on delivering a balanced budget for 2024/25 and a high-level overview of the current medium term financial plan position. To ensure a prudent approach to financial management based on traditional local government financial management processes. To present ongoing progress against the Best Value Notice requirement to establish a sound budget setting process and begin preparation for the 2024/25 budget as soon as possible and draft a sustainable MTFP and three-year budget by the end of September 2023.