Issue - meetings


Meeting: 12/10/2022 - Cabinet (Item 11)

11 MEDIUM TERM FINANCIAL PLAN UPDATE 2023/24 - 2027/28 pdf icon PDF 373 KB

A report from the Executive Director of Resources is attached.  (Key decision – reference number 5488)

Additional documents:


Councillor Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources providing the annual update of the funding and spending assumptions in the Medium Term Financial Strategy, and bringing forward the first tranche of savings and income proposals to build a balanced budget for 2023/24. The pressures currently being experienced, particularly from high levels of inflation, were highlighted.


DECISION:  The Cabinet agreed to:


1.  Note the forecast preliminary budget gap of

- £40.1m in 2023/24, prior to further actions and clarity on central government funding

- £96.9m gap across the medium term to 2027/28, and the reasons driving the gap, notably inflation.

2.  Note the scale of the challenge and the need for the organisation to consider different ways of operating in order to remain financially self-sustainable in the long-term.

3.  Note the awaited consultation from Central Government on the local government funding regime for 2023/24 (and 2024/25 if a 2 year settlement consultation arrives as anticipated).

4.  Agree early savings and income proposals of £8.334m set out in Appendix 3 of the report, including

- £5.709m from efficiencies and demand management

- £2.625m from income generation

and to agree that these savings and income proposals should be delivered as soon as practically possible in the current financial year.

5.  Note the continued prioritisation of investment in Adult Social Care and Children’s Services required of £6.88m to meet demand and demographic pressures.


The report sets out the options considered, if any, and the reasons for the recommendation and the decision.


(Key decision – reference number 5488)