Issue - meetings

Reporting Person – Leigh Clarke

Councillor Roberts, Portfolio Holder for Finance, introduced the report which provided an update to the Medium Term Financial Strategy (MTFS).  Councillor Roberts set out the scale of the challenge facing the Council drawing attention to further pressures since the MTFS update in July which included interest rate rises.  It was noted that commercial and parking income had continued at levels substantially below 2019 levels.  Despite work to identify savings, the Executive was informed that reserves were likely to fall beneath the minimum acceptable level by the end of 2023/24 and be fully used during 2024/25.  The Executive would receive a more detailed update at its meeting on 8 December 2022 with proposals for how the Council would address the situation.  Savings had been identified, set out in Appendix 1 to the report, though decisions on them had not yet been made.  The Executive agreed that it was important to protect statutory services.

RESOLVEd

That the update to the Medium Term Financial Strategy (MTFS) be noted.

Reason:   The decision is sought to develop further proposals for consideration to ensure the medium-term financial stability of the Council.