Decision details

A Financial Framework for the 2024/25 Medium Term Financial Strategy Refresh

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To provide a framework for the 2023/24 MTFS refresh for Cabinet to consider that will enable the Council to respond effectively to changing circumstances while maintaining a longer-term focus on the Council’s financial sustainability.

Decision:

That Cabinet:

 

1.     Notes the emerging financial position within which the 2024/25 budget and 2024-29 Medium Term Financial Strategy will be developed;

 

2.     Agrees the strategic principles that will form the basis of the Medium-Term Financial Strategy, as set out in paragraph 2.4 of the report;

 

3.     Subject to the agreement of the principles, approves the proposals for the refresh of the 2024/25 Medium-Term Financial Strategy and Capital Strategy, as set out in Sections 3 and 4 of the report;

 

4.     Notes the requirement for the Authority to set a sustainable balanced budget which shows how income will equal spend over the short- and medium term; and

 

5.     Approves the timetable for agreeing the 2024/25 budget and Medium-Term Financial Strategy Refresh.

Report author: Virginia Rennie

Publication date: 14/07/2023

Date of decision: 13/07/2023

Decided at meeting: 13/07/2023 - Cabinet

Accompanying Documents: