Decision Maker: Cabinet, Council
Decision status: Noted
Is Key decision?: No
Is subject to call in?: No
The purpose of the report is to update the
Council's medium term financial strategy and action plan to help
guide the management of the Council's finances, considering
Government funding forecasts for the coming year and potentially
The key recommendations from this report will help formulate the 2024-25 budget and the level of Council Tax.
Cabinet is asked to recommend to Council the following:
(1) the key financial principles and actions of the five year financial strategy.
(2) that the current five year Financial Model is noted.
(3) that a minimum level of general fund reserves to be set, having considered the recommendations from the Corporate Governance and Audit Committee.
(4) that the current resources position is noted.
*RECOMMENDED TO COUNCIL
That Cabinet considers and recommends to Council:
a) The key financial principles and actions set out in Appendix 1 of the 5 year Financial Strategy report are approved.
b) That the Minimum Level of Reserves is set at £4 million, following the recommendation of the Corporate Governance and Audit Committee.
c) That the current 5 year Financial Model detailed in appendix 2 (part 2) and the Resources Statement in appendix 3 to the Financial Strategy report be noted.
d) That the earmarked Revenue Budget Support Reserve of £8m is returned to the Council’s General Fund Reserve.
Report author: Mrs Helen Belenger
Publication date: 09/11/2023
Date of decision: 07/11/2023
Decided at meeting: 07/11/2023 - Cabinet