URL: https://wyre.moderngov.co.uk/ieDecisionDetails.aspx?ID=699

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Purpose:

Content: The Director of Finance and Governance (S.151 Officer) submitted a report to provide an update on the council's revenue financial position and capital programme as at the end of September 2024 as well as an updated Medium-Term Financial Plan forecast to 2028/29.   Clare highlighted that following the council’s Corporate Peer Challenge in June, it was agreed that quarterly revenue and capital monitoring reports would be presented to Cabinet going forwards. A draft quarter one report was shared with Cabinet members to review the format and the report reflects the agreed approach.   She confirmed that she had prepared a presentation on the Medium-Term Financial Plan (MTFP) update 2024 which had been uploaded to the Councillor Portal and Wyre Hub. The recording provided an update on the council’s financial position and the budget gap over the five-year period.   She clarified that the gap at the end of the MTFP period was around £4,000,000 but there was a lot of uncertainty due to the one-year settlement and the potential changes the new government might make to local government finance in the future.   Councillor McKay confirmed that she was happy with the assumptions and position.   Clare responded to a question from Councillor Fail regarding the net savings of £1,766,637 and under spends of £301,663 and what was happening with this money.   Councillor Vincent responded to a question from Councillor Fail regarding spend due on Cleveleys public realm and the construction of Cleveleys town centre.   Decisions   Cabinet agreed:   Approve the portfolio budget adjustments (excluding slippage and transfer from earmarked reserves) outlined at Appendix 1.   Note the transfers to and from reserves at Appendix 2.   Note the current forecast against the approved revenue budget for 2024/25 shown at Appendix 3.   Note the revised capital programme at Appendix 4.   Note the revenue slippage at Appendix 5.   Note the balance sheet position, in respect of cash, investment and debtors.   Approve the attached Medium-Term Financial Plan (MTFP) mid-year forecast update which incorporates slippage from 2023/24, growth items considered and approved by Corporate Management Team and the impact on reserves and balances up to 2028/29 at Appendix 6.

Date of Decision: November 27, 2024