Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Stephen Holt

(Key decision):

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

The Cabinet considered the report of the Chief Finance Officer, providing them an update 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 leads 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.

Visiting member, Councillor Smart addressed the Cabinet on this item.

Resolved (Key decision):

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

Reason for decision:

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