Medium Term Financial Strategy (MTFS) 2020/21 - 2024/25

The review of the MTFS has again been undertaken against a background of significant funding reductions, financial reforms and increasing costs due to service pressures. These factors could jeopardise the council's sustainable financial position unless budget savings continue to be delivered alongside the delivery of the council's priorities.

The MTFS covers five years and funding beyond 2020/21 remains highly uncertain although all indications are that austerity measures are likely to continue throughout the medium term.

The MTFS identifies a potential financial gap of £8m in 2020/21 and £49.9m in the next five years to 2024/25. This gap follows years of the council finding significant budget savings which alongside other public sector partners have a cumulative impact since austerity began in 2010.

Although the financial context continues to be challenging and uncertain the council has a track record of meeting its financial obligations and maintaining financial sustainability. A Council wide approach to the budget, which is priority driven and over a medium term planning horizon will ensure that this continues to be the case.

The council will continue to keep the MTFS under frequent review given the high degree of uncertainty surrounding the potential impact of government policy and government announcements on funding decisions.