Decision details

Financial Strategy and Plan 2024-25 to 2028-29

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 future years.
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.




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

Accompanying Documents: