Decision details

The Sub Committee considered the update report on the development of the Medium-Term Financial Strategy 2025 to 2029.

The budget assumptions had been reviewed on a line-by-line basis by the Sub Committee’s Working Group session in August 2024.  No specific changes to the assumptions had been identified at the session but it was agreed that additional sessions could be used for further review as more information and certainty came to light.  The Working Group had also considered a set of draft budget principles that could be followed to assist focus and clarity when making financial decisions.

The Medium-Term Financial Strategy would need to fully reflect the impact of proposals emerging from the Council’s Transformation Programme.  The preparation of proposals for the Medium-Term Financial Strategy and the consultation period in order to support Member consideration and the setting of the budget were now mor likely to be later than originally planned, with the formal public consultation period more likely to begin in November.

RESOLVED (unanimously):  That the Sub Committee

1               note the updated information contained in the report in relation to potential improvements in the central funding assumptions.

2        note the change in timeline for preparation of the MTFS 2025-29 and the public consultation period, as described in the report, as relating to the consideration of in-year financial pressures and the development of proposals from the Council’s Transformation Programme.