Issue - meetings

Report of the Executive Director – Corporate Services and Commercial

Further to Minute No. 69 of the meeting of the Cabinet of 7 November 2024, the Council considered the report of the Executive Director – Corporate Services and Commercial informing of the update to the Medium-Term Financial Plan (MTFP) for 2025/26 to 2027/28 taking account of all currently available information; and providing an update on other areas that inform financial decision making including the Council’s reserves position, its growth programme, its position on its wholly owned Council companies and the High Needs budget, as these were all interlinked with the MTFP.

It was moved by Councillor Howard, seconded by Councillor Atkinson and

RESOLVED:

That the updated Medium-Term Financial Plan for 2025/26 to 2027/28 and any assumptions made be approved.

Report of the Executive Director – Corporate Services and Commercial

The Cabinet considered the report of the Executive Director – Corporate Services and Commercial informing the Cabinet and Council of the update to the Medium-Term Financial Plan (MTFP) for 2025/26 to 2027/28 taking account of all currently available information; and providing an update on other areas that inform financial decision making including the Council’s reserves position, its growth programme, its position on its wholly owned Council companies and the High Needs budget, as these were all interlinked with the MTFP.

Cabinet Members thanked officers for their hard work on the Medium-Term Financial Plan.

Decisions Made:

That

(1)      the updated Medium-Term Financial Plan for 2025/26 to 2027/28 and any assumptions made be noted; and

(2)      the Council be recommended toapprove the updated Medium-Term Financial Plan for 2025/26 to 2027/28 and any assumptions made.

Reasons for the Decisions:

In February 2024, the Council approved a one-year budget plan for 2024/25. As part of the report, an indicative budget gap of £19.2m for 2025/26 to 2026/27 was reported, before any decisions on the level of Council Tax. The MTFP for this period had subsequently been updated to reflect the latest information available and to reflect the ongoing service pressures the Council was facing. The MTFP period has also been extended by a further year to 2027/28. In approving the recommendation in the report, the Council would continue to ensure resources were well managed and reflect the key priorities of the residents of Sefton.

Alternative Options Considered and Rejected:

None.