Members were informed that there were a number of significant issues concerning local government finance that would have a major impact upon the financial position of this Council. These included, the prevailing economy; the financial impact of inflation on pay and prices; uncertainty on the outcome of financial settlements from central government; and the delayed Fair Funding Review that intended to review the level of Business Rates retention.
It was stated that there had been no investment outside of the Borough.
RESOLVED that the updated Medium Term Financial Strategy and the Business Strategy 2024/25 be approved.
Reason
In order to address the financial challenges facing the Council, a Business Strategy is maintained that sets out initiatives that will be pursued to reduce costs, generate additional income and/or improve services. A number of these initiatives have already been implemented and were taken into account in the production of the 2023/24 budget.
(Following the item Councillors C Carr and V C Smith joined the item and stated they had no interests to declare.)