Medium Term Financial Strategy

The Medium Term Financial Strategy (‘MTFS’) is a four year plan which sets out the Council’s commitment to provide services that meet the needs of people locally and that represent excellent value for money within the overall resources available to it.

This Medium Term Financial Strategy is what links the Council’s vision and priorities with estimated resources and shows how the Council’s finances will be structured and managed to support the delivery of the Council’s ambitions and priorities over the medium term planning period.

The strategy considers:

• International and national economic influences on the Council.
• The influence of Central Government policy and strategy.
• Local factors which influence policy within the Council.
• Delivering key Council policies and priorities.
The strategy brings together the key issues affecting the:
• Revenue Budget
• Capital Programme
• Treasury Management Strategy
• Capital and Investment Strategy

With local authorities across the country facing the challenges of reduced funding and increasing demand for services, the need for robust financial management has never been more important. To be truly effective, financial planning needs to balance the immediate service needs and pressures against the long-term financial resilience and sustainability of the Council.

A key part of this strategy is therefore to forecast the key budget issues that will need to be addressed by the Council over the coming financial years by estimating the level of available funding available and the potential costs, both in terms of revenue and capital spending.