Cabinet:

1.    Noted the financial context and position set out in the report

2.     Agreed the proposed consultation process and associated timetable as set out in section 6 of the report.

Cabinet considered an update on the Medium Term Financial Strategy (MTFS) and budget for 2022/23.

It was explained that Cabinet and full Council last received a report on the Council’s Strategy (MTFS) in March 2021 when the MTFS and balanced budget for 2021/22 was agreed. Since then the lockdown had ended and the Council had resumed many of its services. The post lockdown period had resulted in a significant increase in demand for Council services particularly related to Social Care.

The report set out how that increased demand had affected the 2021/22 position and the steps the Council was taking not only to meet that demand but also to balance the 2022/23 budget.

Updates to Cabinet on the Council’s current financial position could be seen in the report and an overview of the national economic and financial environment within which all local authorities were currently developing their financial plans in the medium term was presented. It was explained that the continued uncertainty caused both by the pandemic and the Government’s approach to financially supporting local authorities.

The report also set out the Council’s approach to achieving a financially balanced budget in 2022/23 and the medium term financial strategy thereafter.

The report included proposals for budget consultation during the autumn and consisted of the following sections:

·       Background and strategic context

·       Summary of the Council’s current financial situation

·       Update on the Medium Term Financial Strategy

·       Proposals to close the funding gap Page 10

·       Cabinet, 20th October 2021

·       Risks and uncertainties

·       The proposed consultation process

Cabinet:

Noted the financial context and position set out in the report.

Agreed the proposed consultation process and associated timetable as set out in section 6 of the report.