Agenda and minutes
PDF 152 KBVenue: as a Hybrid Meeting: Via MS Teams/Abraham Derby Room at the General Offices, Ebbw Vale - if you would like to attend please contact committee.services@blaenau-gwent.gov.uk
Contact: Democratic Services 5100
Media
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Simultaneous Translation You are welcome to use Welsh at the meeting, a minimum notice period of 3 working days is required should you wish to do so. A simultaneous translation will be provided if requested. Minutes: It was noted that no requests had been received for the simultaneous translation service.
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Apologies To receive. Minutes: Apologies for absence were received from:-
Managing Director Head of Community Services Councillor L. Elias Councillor G. Collier
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Declarations of Interests and Dispensations To consider any declarations of interests and dispensations made. Minutes: There were no declarations of interest or dispensations reported.
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Medium Term Financial Strategy 2022/2023 to 2026/2027 To consider the report of the Chief Officer
Resources. Additional documents:
Minutes: Consideration was given to the report of the Chief Officer Resources.
The Chief Officer Resources advised that the purpose of this report was to provide Members with an update on the Medium Term Financial Strategy (MTFS) and the latest assessment of the Council’s financial position over the next 5 years.
The Chief Officer Resources spoke to the report and provided examples of assumptions used within the MTFS and highlighted the currently assessed Budget Gaps along with the estimated financial achievement of the strategic business reviews which resulted in the assessed residual budget gaps throughout the period of the MTFS (until 2026/2027).
The Chief Officer Resources further referred to the sensitivity analysis and advised that the Council’s current MTFS contained a number of assumptions which impacted on the level of income and expenditure. It was stated that changes in these assumptions could have a fundamental effect on the budget gap over the next 5 years. The Chief Officer reported the impact a 1% change could have on the Council’s main assumptions.
The Chief Officer Resources concluded her presentation and invited questions from Members.
A Member thanked the Chief Officer for the report and the subsequent briefing and proposed option 1. This proposal was seconded.
It was AGREED that the report be accepted (Option 1) and Members of Corporate Overview Scrutiny Committee:-
· considered the MTFS · noted the forecast funding gap for the period of the MTFS; · noted the cost pressures identified at Appendix 1 of the MTFS; and · noted the forecast financial achievement for the Strategic Business Reviews attached at Appendix 2 of the MTFS.
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