The financial strategies of the authority establish the financial planning framework for the development of the authority’s business plans and service budgets in line with key priorities.
Assumptions are made on the amount of income that is likely to be received from council tax, business rates and central government grant over the medium term, against the projected future level of spend. The strategies provide a forecast that enables the authority to plan how future expenditure can be funded through existing income, borrowing, and investments, use of reserves and efficiency savings.
Key financial strategies are:
The medium term financial plan along with the three strategies for the following financial year are formally approved at the meeting of the authority in February each year, alongside the budget. The links on this page reference the strategies that were approved at the last February meeting of the authority.
The efficiency plan is reviewed and approved by the authority at the April meeting each year.