Decision Details

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Details

Status:
Implemented
Title:
Medium Term Financial Plan (MTFP) Update
Include item on Forward Plan
Yes
Is Key Decision
No
Item Contains Exempt/Private Reports
No
Reference:
009010/2021
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
This report is from Director of Council Management.
Implementation Date (not before meeting on)
Tue 12 Oct 2021
Purpose
provides an update on the Council’s medium-term financial position which was reported to last reported to Cabinet in July 2021. It will identify how the position has changed and identify the steps that the Council will take in bridging identified financial gaps.
Key Portfolio
------ N/A ------
Decision Maker
Chief Officer Decision Maker
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet
Directorate
Other Information
Private Reason
Decision Outcome

On 12 October 2021, Cabinet:-

(i)         Noted the updated MTFP projections at section 3 and the revised financial gap of £58.1m in 2022/23, rising to £125.7m by 2025/26;

(ii)         Approved the Council’s approach in closing the financial gap, which focuses on transformative change to the Council being delivered to improve outcomes for residents and lead to some associated cost reductions;

(iii)        Approved the Council’s approach to consultation, which will focus on resource prioritisation, for which the outcome will inform the final development of the budget which will be brought back to Cabinet in February 2022;

(iv)   Reviewed and noted the budget risks and noting general reserves remain equivalent to 4.5% of the net budget to cover risks.

THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 18 OCTOBER 2021.

Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

This Decision does not contain any Ward records.

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

This Decision does not contain any Overview and Scrutiny records.

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Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 16.
11/06/2021 16:14:44Jing Wang Business Item Created 
11/06/2021 16:14:44Jing Wang Committee AddedCabinet
11/06/2021 16:33:29Jing Wang General Details Edited 
11/06/2021 16:36:27Jing Wang General Details Edited 
11/06/2021 16:37:45Jing Wang General Details Edited 
15/06/2021 15:22:13Jing Wang Status ChangedDecision Scheduled [1]
15/06/2021 15:22:39Jing Wang General Details Edited 
21/07/2021 14:10:12Jing Wang General Details Edited 
01/10/2021 13:51:15Jing Wang Report AddedDocument ID 196020: MTFP Refresh Report 29092021- FINAL
01/10/2021 13:52:53Jing Wang Consultation/Comments Edited 

Approval/Comments

No history found.