Issue - meetings

To consider the Updated Medium-Term Financial Plan 2024/25 to 2028/29.

The Chief Finance Officer outlined the first iteration of the MediumTerm Financial Plan (MFTP) 2024/25 to 2028/29, which had been presented to Cabinet on 9 October 2023. This provided a framework for the development of the 2024/25 General Fund and Housing Revenue Account (HRA) budgets.

The forecast showed a deficit of £3.720 million on the General fund for 2024/25, this was due to spending pressures, financing capital costs, high level interest rates and the expected increase in waste costs, when the contract with Biffa expires.  It was highlighted that if a balanced budget was achieved in 2023/24, without drawing on reserves, a further budget gap would be expected from 2025/26 in the range of £0.376 million to £0.557million annually.

The HRA showed a planned deficit in 2025/26 and 2026/27, before regaining a balanced position in 2027/28 and 2029/29, the HRA balance could withstand the planned deficits.

It was highlighted that the budget pressures were part of a national picture and not isolated to Epping Forest District Council and that that this it would be difficult and challenging budget. 

The Committee commented on and acknowledged the ongoing pressures on the budget.

The Leader of the Council detailed the budget process to the Committee and welcomed the input of Scrutiny into the budget process.

The Chairman of the Committee encouraged members to come forward with ideas for the budget.

Resolved:

The committee noted and the first iteration of the MediumTerm Financial Plan (MFTP) 2024/25 to 2028/29.