RESOLVED that Cabinet: -
(a) Approve the budget timetable and process as set out in Appendix A;
(b) Endorse the scenario planning exercise that guides the potential level of activity that may now be needed to present a legally balance budget for 2025/26;
(c) Approve the financial strategy designed to support the ongoing delivery of a balanced 2025/26 Budget and MTFP as set out in Appendix B;
(d) Note the outcome of the CIPFA Financial Resilience Review and associated action plan; and
(e) Note the letter submitted by the Director of Finance to DLUHC and CIPFA outlining the challenge that the deficit on the Dedicated Schools Grant presents
Voting: Unanimous
Portfolio Holder: Finance
Reason
To comply with accounting codes of practice and best practice which requires 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 ongoing delivery of a balanced budget for 2025/26.
To present the CIPFA Financial Resilience Review.
To present the letter submitted to DLUHC and CIPFA in regard to the difficulties presented by the accumulating DSG deficit.