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Details
Title:
Medium Term Financial Plan (MTFP) Update
Include item on Forward Plan/ Key Decision
Yes
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 ------
Chief Officer Decision Maker
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.
Is the Decision Maker Aware of the Decision:
No
Is the Head of Services Aware of the Decision:
No
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Additional Information
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
| 11/06/2021 16:14:44 | Jing Wang | Business Item Created | |
| 11/06/2021 16:14:44 | Jing Wang | Committee Added | Cabinet |
| 11/06/2021 16:33:29 | Jing Wang | General Details Edited | |
| 11/06/2021 16:36:27 | Jing Wang | General Details Edited | |
| 11/06/2021 16:37:45 | Jing Wang | General Details Edited | |
| 15/06/2021 15:22:13 | Jing Wang | Status Changed | Decision Scheduled [1] |
| 15/06/2021 15:22:39 | Jing Wang | General Details Edited | |
| 21/07/2021 14:10:12 | Jing Wang | General Details Edited | |
| 01/10/2021 13:51:15 | Jing Wang | Report Added | Document ID 196020: MTFP Refresh Report 29092021- FINAL |
| 01/10/2021 13:52:53 | Jing Wang | Consultation/Comments Edited | |
Approval/Comments
No history found.