Decision details

Medium Term Financial Strategy 2024-2029

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To update Cabinet on the Medium Term Financial Strategy for the period 2024 to 2029.

Decisions:

 

 

 

 

 

 

 

 

 

 

“Next year we will spend millions of pounds in Staffordshire: backing communities, supporting residents, delivering infrastructure and investing in business. 

 

At a time when two-thirds of our budget is allocated to the provision of care and helping those who need a hand, I am proud that this council is also able to simultaneously sow the seeds for the future so that Staffordshire remains a great place to live, work and raise a family.”  

 

Alan White, Leader of the Council 

 

“Despite rising costs and increasing demand for services putting all councils under financial pressure, a combination of forward-thinking, planned service reform and attention to detail means we continue to invest in services while delivering a balanced budget. 

 

Like everyone, we have to make ends meet and we will work with partners to make the most of every pound we spend on behalf of our communities.” 

 

Ian Parry, Cabinet Member for Finance and Resources 

 

Reasons for the Decision – To update Cabinet on the development of the Medium Term Financial Strategy for the period 2024 to 2029. 

 

Decision – (a) That the updates to the financial plans, as set out in the report, including the potential use of reserves to balance the MTFS period and risks associated with that, be noted.  

 

(b) That the new savings as well as the commitment to continue to deliver the previously approved cost reductions, as set out in Appendices 2a – 2e to the report, be endorsed. 

 

(c) That a further report be received in January to recommend a Revenue Budget, MTFS and Council Tax to full council in February. 

 

(d) That the Corporate Review Committee be asked to scrutinise the proposed pressures and cost reduction options against the principles of a good and balanced budget. 

Report author: Rachel Spain

Publication date: 14/12/2023

Date of decision: 13/12/2023

Decided at meeting: 13/12/2023 - Cabinet

Effective from: 20/12/2023

Accompanying Documents: