Updates the financial model presented to Executive in January 2025, taking account of the final local government financial settlement and the delivery of the council’s improvement plan and MTFS.

Resolved –

That it be recommended that Council: 

(1)       Approve the updated Medium-Term Financial Strategy for 2025/26       to 2029/30 and the base case deficit and recovery period; 

(2)       Agree that revenue savings of £50m per annum be actioned each        year from 2026/27 to 2029/30; 

(3)       Agree that a target for capital receipts of £150m by 31/3/28 be set; 

(4)       Agree that the capital programme be subject to continuous       reviews and reductions where costs are funded from general fund    borrowing; 

(5)       Agree the continuous review of the financial management          practices currently being undertaken; 

(6)       Note the progress on the finance restructure and support the    approach to this; 

(7)       Agree the continued spending panel and related processes until          such time as the Council can evidence a sustainable financial           position; 

(8)       Note the current work on the DSG, the likely Council forecast for         this and agree that further work be undertaken; 

(9)       Note the previously reported Improvement Plan.

To be actioned by: Director of Finance

Overview and Scrutiny Area: Corporate                       (Steven Mair)