URL: https://committeeadmin.lancaster.gov.uk/ieDecisionDetails.aspx?ID=1549

Decision Maker:

Outcome:

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: (Cabinet Member with Special Responsibility Councillor Hamilton-Cox)   Cabinet received a report from the Chief Finance Officer to provide an update on the Council’s Medium Term Financial Strategy forecasts for 2025/26 to 2029/30 and outline the approach to balancing the budget.   The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:   As the report is for consideration and alternative options are put forward, the Cabinet could make supplementary recommendations regarding any matters.   It must be reiterated that the current forecasts do not include any interventions by Cabinet, Senior Leadership Team or the outcomes of the Local Government Settlement. Whilst some savings have been delivered, the forecasts show that potential annual and cumulative budget deficits still remain over the next 5 years and continue to need to be addressed. In light of this, balancing the budget both in the short and the medium term remains a tough task and all Members must work together and recognise that they will face a number of difficult but key decisions as part of the forthcoming budget and over the coming financial years which will affect the manner in which it delivers its services.   Councillor Hamilton-Cox proposed, seconded by Councillor Dowding:-   “That the recommendations, as set out in the report, be approved”.   Councillors then voted:-   Resolved unanimously:   (1)            That the draft future years estimates as set out in the report as the latest information available, accepting that this is an interim position be noted.   (2)            That the update be referred on to December Council for information.   (3)            That the Council Tax Base for 2025/26 as set out in paragraph 3.12 to the report be noted.   Officers responsible for effecting the decision:   Chief Finance Officer   Reasons for making the decision:   Performance, project, and resource monitoring provides a link between the Council Plan and operational achievement, by providing regular updates on the impact of operational initiatives against strategic aims.  

Date of Decision: December 3, 2024