Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the report and explained that the Council reviewed and updated the Medium Term Financial Strategy (MTFS) annually.  The MTFS forecasted the resources the Council would need to meet its every changing cost base for the years ahead.  Refining the forecast was the first step in planning the budget requirement for the following financial year.

Following the initial projected budget requirement, the forecast for 2024/25 had been updated to take into account the latest national position on public sector pay, the estimated impact of changes to service demand and the ongoing impacts of inflation.  The revised forecast showed that, at this early stage, there was likely to be an additional budget requirement of £32.222m for 2024/25.

Appended to the report were the details of all of the cost pressures for 2024/25 as well as early indications of pressures for 2025/26 and 2026/27.

An all Member workshop was scheduled to take place on 31^st July to enable Members to have a better understanding of the financial position and to contribute to a developing budget strategy.

A detailed budget strategy needed to be developed with urgency in parallel to contributing to national discussions on the financial outlook across Wales including any options available to increase the overall quantum available for local government.

The Corporate Finance Manager provided additional information on the reasons for the increase in the budget requirement.

The Democratic Services Manager explained that the report had been submitted to Corporate Resources Overview and Scrutiny Committee the previous week and no comments were made.

An outline of the budget timeline was set out in the report.

RESOLVED:

(a)       That the update on the additional budget requirement for the 2024/25 financial year be received; and

(b)          That the process and timeline for budget setting for 2024/25 be agreed.