Decision details

Cabinet was updated on the Council’s Medium Term Financial Strategy and the progress with the delivery of the Business Strategy. There were a number of significant issues concerning local government finance that would have a major impact upon the financial position of the Council. They included the current and ongoing economic impact of inflation on pay and prices, uncertainty on the outcome of the financial settlement from central government, and the delayed Fair Funding Review that intended to review the level of business rates retention.

It was stated that further impacts on the 2022/23 and 2023/24 budgets were pay awards although (not yet agreed by the Unions) and the significant inflationary cost of energy, fuel, construction, and property services.

The Council had developed a Business Strategy that was designed to ensure that it would be lean and fit in its assets, systems and processes, customer focused in all its activities, commercially minded and financially viable, and would make the best use of technology. A number of initiatives within the Business Strategy had been implemented and had resulted in either reduced costs or additional income and/or improved services for the Council.  Proposals for 2023/24 included Council Tax increases, staffing efficiencies, garden waste income and procurement savings amongst many.

RESOLVED that the updated Medium term Financial Strategy and the Business Strategy 2023/24 in the appendices of the report be approved.

Reason

To be accountable for all activities and actions and to ensure that the Council conforms to all financial regulations. The Medium Term Financial Strategy was the Council’s key financial planning document.