Decision details
Medium Term Financial Strategy 2023 - 2028
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
To update Cabinet with progress on the Medium
Term Financial Strategy.
Decisions:
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“We continue to invest in Staffordshire’s economic future, while providing support for those who need help today.
We are in a position to do this because we remain a well-run, stable authority which thinks hard about how it spends public money and continually seeks new, flexible ways of working with our communities.”
Alan White, Leader of the Council
“We spend every pound as wisely as we can and work with partners to maximise its value.
The provision of adult social care still forms by far the greatest part of our expenditure and the Government’s decision to postpone implementation of social care reforms leaves us awaiting a sustainable long term funding solution which removes the burden from local authorities.
We will study the details in the Local Government Finance Settlement with interest.”
Ian Parry, Cabinet Member for Finance and Resources |
Reasons for the Decision – To provide Cabinet with an update on the Medium Term Financial Strategy (MTFS), which provides details of how the Council’s operations will be funded over the five year period 2023-2028.
Decision – (a) That the updates to the financial plans as set out in the report, including the potential use of reserves to balance the 2023/24 budget and potential cost reduction plan for future years, be noted;
(b) That the announcements made by the Chancellor as part of his Autumn Statement, be noted;
(c) That the commitment to continue to deliver the cost reduction programme (as set out in Appendices 2a – 2d to the report) and the commencement of an innovation programme with immediate effect to identify cost reductions from 2024/25 onwards, be endorsed;
(d) That the risks associated with these planned cost reductions (as set out in the report) be noted and that the Senior Leadership be requested to undertake the appropriate engagement arrangements required to deliver the cost reductions;
(e) That a further report be submitted to Cabinet in January to recommend a Revenue Budget, MTFS and Council Tax to full council in February; and
(f) That the Corporate Review Committee be requested to scrutinise the proposed pressures and cost reduction options against the principles of a good and balanced budget.
Report author: Rachel Spain
Publication date: 15/12/2022
Date of decision: 14/12/2022
Decided at meeting: 14/12/2022 - Cabinet
Effective from: 21/12/2022
Accompanying Documents:
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