Issue - meetings

Cabinet:

a)    Acknowledged the projected changes in service spending and the overall resources available to the Council over the medium term to 2027/2028.

b)    Recommended to Full Council the updated Medium Term Financial Strategy once the 2023/2024 budget is complete and the settlement finalised.

Please note this is a recommendation to Full Council, and not subject to call-in.

Cabinet received the first submission of the General Fund Medium-Term Financial Strategy. Councillor John Williams, Lead Cabinet Member for Resources, introduced the report, highlighting the unstable economic forecasts and the Fair Funding Review due in 2025-2026. Councillor John Williams also commented on the reduction of income from business rates.

Councillor Brian Milnes thanked the Head of Finance and Officers within the department for their ongoing work with the Medium-Term Financial Strategy.

After a short discussion, Councillor Bridget Smith, Leader of the Council noted that the provisional local Government settlement for 2023-2024 was likely to be released on 21 December, and Cabinet:

a)    Acknowledged the projected changes in service spending and the overall resources available to the Council over the medium term to 2027/2028.

b)    Recommended to Full Council the updated Medium Term Financial Strategy once the 2023/2024 budget is complete and the settlement finalised.