DECISION

1.    Note the current projected MTFS budget position in paragraph 3.2.2.

2.    Note the actions set out in section 3.4 that are being taken to address the budget gap.

Action by: CORPORATE DIRECTOR, RESOURCES (JULIE LORRAINE) (Interim Director of Finance, Procurement and Audit (John Harrison)

Councillor Saied Ahmed, Cabinet Member for Resources and the Cost of Living introduced the item that provided an update on the MTFS position since it was approved by Council in March 2023 and an overview of the budget setting process being undertaking to present Council with a proposed budget for 2024/25. Councillor Ahmed explained that the focus was how to maximise benefits of transformation and customer focus at a reduced cost. He briefly outlined some of the strategies being explored to help deliver this including:

·         Exploring potential restructure and streamlining options; voluntary and early retirement and other flexible options for staff.

·         Utilising the Council’s assets to maximise income generation.

·         Reviewing third party contracts to identify and deliver best value

·         Review of temporary and agency workers.

Julie Lorraine, Corporate Director, Resources and John Harrison, Interim Director of Finance, Procurement and Audit added further detail. Stephen Halsey, Chief Executive, explained how the work to deliver a balanced budget was critical to delivering the administration’s manifesto promises. He assured the Mayor and Cabinet that the Council was in a relatively strong financial position compared to other authorities that had been in the media in recent years; an assertion that would be validated when the full MTFS report was considered by the Mayor in Cabinet early in 2024.

RESOLVED that the Mayor in Cabinet:

1.    Notes the current projected MTFS budget position in paragraph 3.2.2.

2.    Note the actions set out in section 3.4 that are being taken to address the budget gap.