Issue - meetings

Medium Term Financial Strategy Update and Consultation 2025/26 - 2028/29 (Corporate Policy Committee)

Meeting: 28/11/2024 - Corporate Policy Committee (Item 49)

49 Medium Term Financial Strategy Update and Consultation 2025/26 - 2028/29 (Corporate Policy Committee) pdf icon PDF 254 KB

To receive an update on the MTFS Strategy and Consultation.

Additional documents:

Minutes:

The committee considered the report which set out how the council would resource the achievement of the Cheshire East Plan and the process to be undertaken for budget consultation and stakeholder engagement for the financial year 2025-26 budget setting.

 

The committee noted the proposed budget change items detailed in Appendix A, and that the proposals compiled to date did not yet go far enough to balance the budget in line with the revised estimated funding envelope for 2025/26 as it was currently known. There were however a significant number of moving parts in terms of funding, that would have a significant amount of uncertainty in them, and further detail was awaited via the Provisional Local Government Settlement.  The Chancellors Budget published on 30 October also did not give detailed settlement information in terms of the extra grant funding announcements. The committee noted that it was anticipated that this year would be the final one-year local government settlement and that in future years multi-year financial settlements were anticipated.

 

The committee highlighted concerns in relation to adult social care charging proposals and the potential impact this would have on self-funders. Officers committed to feeding back the concerns of the committee to the Executive Director with a view to a more detailed update/modelling being provided to the Adults and Health Committee.  It was confirmed that increased client contributions reflected changes in benefit levels and inflation levels which would be built into fees and charges.

 

The committee noted the proposed budget changes relating to Corporate Policy Committee ‘accelerating digital’ and requested a more detailed update on this.

 

RESOLVED:

 

That the Corporate Policy Committee

 

1.    Note the forecast revenue budget position for the medium-term as set out in Table 1 of the report, following the 30 October 2024 budget announcements.

 

2.    Note the draft growth and savings budget proposals for 2025-26 to 2028-29 as included in Appendix A.

 

3.    Note the detailed list of Capital Growth Requests in Appendix B.

 

4.    Note that officers will continue to challenge draft proposals and develop further proposals in consultation with Members prior to approval by Full Council.

 

5.    Note that discussions continue with central government about potential requirements around Exceptional Financial Support as part of the options to close the gaps in the budget.

 

6.    Note the approach to budget consultation and engagement for 2025-26.

 

7.    Note that Committees will be presented with the opportunity to review the full set of financial proposals, designed to achieve a balanced budget, as part of the January 2025 cycle of meetings prior to recommendations being made to Full Council for approval.