The Medium-Term Financial Strategy (MTFS) sets out the key financial management principles and budget assumptions. It is then used as the framework for the detailed budget setting process to ensure that the Council’s resources are managed effectively to meet its statutory responsibilities and deliver the priorities of the Council, over the medium term.

The current draft forecast as outlined in the report is to aid Members in understanding the basis of what is known now, the financial trajectory of the Council and identifying actions that can be taken to address the continuing deficit of resources over expenditure. These actions may involve Members having to take difficult decisions to address the budget gap.

The report also provided the Policy, Resources & Economic Development Committee with an update to the 2020/21 General Fund Revenue budget, Housing Revenue Account and Capital program as well as the Treasury Management Mid-Year Review 2020/21.

This is for information only so no voting was required.