Our Medium Term Financial Strategy 2022–2027 (PDF 1.20Mb) sets out the financial roadmap for the Council.
It details the risks and opportunities that are likely to arise, and the available resources and financial envelope that will be available to deliver our vision and priorities contained in the Strategic Plan.
It considers budget issues that will need to be addressed by the Council over the next five years by forecasting the level of available resources from all sources and the budget pressures and funding gaps relating to both capital and revenue spending.
Supporting our priorities
Our Strategy illustrates how the Council’s finances will be structured and managed to ensure that this fits with and supports our priorities and our partners.
It demonstrates our commitment to providing services that meet the needs of people locally and ensures effective value for money within the overall resources available.
It will sit alongside our Strategic Plan, informing and shaping other strategies including our Workforce Strategy, service improvement plans and will consider:
Risk environment
In delivering our Strategy, consideration has been taken to the overall risk environment that the Council exists in at this time.
We have a well-established process in place to identify, assess, manage and report on service based and corporate risks. In taking account of the issues highlighted in our Strategy it will be important to gauge the Council’s appetite to risk especially when considered against the finite financial resources available, service based demand pressures and potential structural changes.
The limitation in overall grant funding to other parts of the public sector also has the potential to impact on the Council and on the scope and scale of services provided by us and our partners. As a consequence of this, work to evaluate the Council’s risk appetite will be undertaken and used to inform and direct our decisions.
The nature of our Medium Term Financial Strategy is such that it contains assumptions and forecasts that will inevitably change over the next five years and therefore our Strategy will be reviewed and updated regularly so that the Council can respond proactively to change.
Whilst the Strategy is linked to our Strategic Plan, it is clear that the strategic intent and direction arising from this Strategy will inform our Workforce Strategy, Digital Strategy and Asset Management Strategy, as each of these work towards delivering strategic outcomes aligned to overall affordability and availability of financial resources within the Council.
Financial strategy report
A report on the Medium Term Financial Strategy was presented as part of the Council Strategic Framework 2022–2027 (PDF 6.4Mb) and was agreed by Council at its meeting on 27 October 2022.
Comments and suggestions
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