Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To provide an update to the Draft Budget and Medium Term Financial Strategy 2022-2023 to 2024-2025 and next steps that will be taken in order to address the financial pressures faced by the Council over the medium term
1. That the updated draft budget strategy for 2022-2023 to 2023-2024 be approved.
2. That work continues to further develop proposals and further review the assumptions in the Medium Term Financial Strategy (MTFS), in order to ensure that a balanced budget can be set for 2022-2023 and future years.
3. That it be noted that the Draft Budget and Medium Term Financial strategy remains aligned to the Council’s priorities. The Wolves at Work 18-24 –Youth Employment report on this same agenda demonstrates the alignment of budgets to priorities and seeks approval to lead on developing and resourcing a comprehensive programme of targeted intervention to support young people currently claiming benefits and aged between 18-24, into sustainable employment, apprenticeships, education and training.
4. That it be noted that the Council needs the Government to provide confirmation on future years funding as soon as possible, in order to ensure that the Council has a clear direction of funding available over the medium term.
5. That it be noted that, despite austerity since 2010, the Council has a strong track record of managing money well, planning ahead and delivering excellent services. The financial implications of the pandemic have significantly distorted the Draft Budget and Medium Term Financial Strategy.
6. That it be noted that, a number of assumptions have been made with regards to the level of resources that would be made available to the Council as detailed in the report. It is important to note that there continues to be considerable amount of uncertainty with regards to future income streams for local authorities over the forthcoming Spending Review period. At the point that further information is known it would be incorporated into future reports to Councillors. Any reduction in Government’s allocation of funding to the Council would have a significant detrimental impact and further increase the budget deficit forecast over the medium term.
7. That it be noted that, due to external factors, budget assumptions remain subject to significant change, which could, therefore, result in alterations to the financial position facing the Council.
8. That it be noted that that the overall risk associated with the 2022-2023 draft budget and medium term strategy is assessed as Red.
Report author: Mohammed Hasan
Publication date: 21/10/2021
Date of decision: 20/10/2021
Decided at meeting: 20/10/2021 - Cabinet
Effective from: 27/10/2021