Report of Chief Finance Officer

Lead Cabinet member: Councillor Zoe Nicholson

(Key decision):

To note the background to the Medium Term Financial Strategy for 2022/23 and to approve the approach outlined in the report.

The Cabinet considered the report the Chief Finance Officer, updating them on the process and approach to the Council’s Medium Term Financial Strategy for the period 2021/22 to 2024/25.

The Medium Term Financial Strategy (MTFS) sets the strategic financial direction for the Council and is regularly updated as it evolves and develops throughout the year to form the framework for the Council’s financial planning. The report outlined the proposed process for the MTFS for the period 2021/22 to 2024/25, which ultimately would lead to the setting of the Council’s budget in February 2022.

The MTFS is shaped by the national economic background and external factors such as the impact of Covid-19 and Brexit, inflation, interest rates, Public Sector Pay and Factors affecting demand-led services would be analysed in undertaking a mid-year review of the Strategy.

Policy and Performance Advisory Committee (PPAC), held on 16 September 2021, considered the report and were supportive of the officer recommendations in full.

The Cabinet paid tribute to Andrew Clarke, Deputy Chief Finance Officer, who would be leaving the authority at the end of the month and wished him all the best for the future.

Resolved (Key decision):

To note the background to the Medium Term Financial Strategy for 2022/23 and to approve the approach outlined in the report.

Reason for decision:

To progress the Medium Term Financial Strategy process and to update Cabinet on the background to this.