The Mayor noted and agreed the reasons for urgency as set out in the report.

DECISION

1.    Note the actions being taken to deliver the Medium-Term Financial Strategy approved on 28^th February 2024.

Action by

CORPORATE DIRECTOR RESOURCES (J. LORRAINE)

Director of Finance, Procurement and Audit (A. Kassim)

The Mayor noted and agreed the reasons for urgency as set out in the report.

Councillor Saied Ahmed introduced the report that provide an update on the current MTFS position, actions being taken to mitigate the identified risks and further options to consider to mitigate and manage any emerging risks.The primary objective is to ensure delivery of the 2024/25 budget which forms year one of the Medium-Term Financial Strategy (MTFS) as approved by full Council on 28^th February 2024.

Councillor Ahmed explained the crucial need for the Council to deliver £43.3 million in savings while managing national pressures in homelessness and adult social care in alignment with the 2024/25 budget. He briefly explained actions for savings delivery, monitoring budget execution, additional capacity requirements, and efforts to deliver financial sustainability, emphasising strong reserves and contingencies. He explained that a financial sustainability plan outlined pre-emptive measures to address unexpected budget challenges and prevent reaching Section 114 status.

Stephen Halsey, Chief Executive, commended the Director of Resources  adaptability and commitment to working with the Cabinet Member for Resources, highlighting the outstanding results delivered amid resource challenges.

The Mayor welcomed the report and contributions from all speakers. He stressed the importance of financial stability and sustainability for residents. He commended the move back to a three-year budget cycle. He expressed his appreciation for the efforts led by Steve and Julie and their tems in steering the Council towards income optimisation, service improvements, and accountable service delivery to fulfil promises to the borough's residents.

RESOLVED that the Mayor in Cabinet:

1.    Notes the actions being taken to deliver the Medium-Term Financial Strategy approved on 28th February 2024.