Cabinet considered the report titled ‘Medium-term Financial Plan 2024/25 – 2028/29’.

Councillor Jones outlined the report to Cabinet. She said that there was a historic low level of Council tax that the borough had to work with, which was big pressure for the Council. Reserves had strengthened over the last few years; however, this was still not enough as explained within the previous item. In 2024/25, forecast interest and borrowing was a rate of £10 million.

Andrew Vallance said that there would be a series of 1-year settlements provided. The details of next year’s settlements were purely assumptions at this time and would not be known until December 2023. This was coupled with there being a General Election in 2024, which could indeed change things once again. He did note that there would be no gap if it was not for rising inflation and interest rates. He then stated that when using last year’s levels, there would already be a balanced budget at this current moment in time.

Councillor Bermange wished to acknowledge the comments that had been made by Andrew Vallance and asked him if the realities of service demand were being correctly acknowledged in forward planning areas. Kevin McDaniel, Executive Director of Adult Services & Health offered some clarity to this.

Councillor Jones summarised the position of the Council that had been discussed and asked Cabinet to note the report and the recommendation set out.

The recommendation was seconded by the Chair.

AGREED UNANIMOUSLY: That Cabinet notes:

       i.          the Medium-Term Financial Plan set out in Appendix A, including the forecast budget gap for the next financial year 2024-25 and over the medium-term

     ii.          the proposed budget themes that will drive the budget process to identify savings and income growth; and

    iii.          the business planning process, and timeline for developing the new Medium Term Financial Strategy, Budget 2024-25, and new Corporate Plan.