Issue - meetings

Report of the Corporate Director for Finance and Resources

James Rhodes, Head of Analysis and Insight, introduced the presentation of the paper on the Together for Nottingham Plan, Theme 1 (MTFS) and Theme 8 (Council Plan). The following points were highlighted:

(a)  the Council’s Recovery and Improvement Plan, the Together for Nottingham Plan, was first published in 2021, with a refresh required within the first three months of the statutory intervention set out in the ‘Statement of Requirements’ received by the Council on 2nd September 2022. The Together for Nottingham Plan was refreshed in October 2022, building on the original Plan by adding an update on the position at the end of year one;

(b)  one of the priorities within the Together for Nottingham Plan was the creation of a new Performance Management Framework, joining up the Strategic Council Plan with Service Plans and linking this to the Medium Term Financial Plan;

(c)  the report gives an overview of the progress of Theme 1, Medium Term Financial Strategy (MTFS), and Theme 8, Council Plan, as the two are closely linked. The Council Plan is aligned with Divisional and Service Plans, which are fully costed and aligned to the Medium Term Financial Plan (MTFP), ensuring that activity in the Council Plan is kept within the Council’s budget;

(d)  there is a ‘golden thread’ running through the structure, by which the Strategic Council Plan (SCP) structures the Medium Term Financial Plan (MTFP), the MTFP Delivery Plan, Divisional Plans, Service Plans, and down to Individual Performance Appraisals;

Fiona Marsh, Interim Team Leader – Financial Strategy, presented the section of the report about Theme 1 (MTFS), and made the following points:

(e)  the key objectives are to achieve a balanced budget and a sustainable MTFP; reducing the Council’s reliance on commercialisation to fund core services, ensuring core services are affordable in the long-term and removing fluctuating dividend income from core funding; improving budget oversight and accountability with the promotion of CIPFA financial management standards;

(f)  work on the latest MTFP process commenced in June 2022, with discussions with senior leads, both officer and councillor; early agreement of key dates; early agreement of strategic priorities; clear decision-making ensuring that governance structures are followed; with robust challenges throughout the process; and to provide the Improvement and Assurance Board with reassurance that the MTFP provides a good strategic financial framework for maintaining sustainability;

(g)  a number of key activities underpin the MTFP process: the Transformation Programme is critical to developing business cases for future savings; business as usual savings; review of growth; review of fees, charges, and commercial income; and the review of reserves;

(h)  the Chief Executive led an ‘85% challenge’ exercise, asking officers to consider what could be delivered within 85% of their base budget resources, as a means of identifying saving proposals, which have fed into the MTFP;

(i)  two key documents have been used to standardise the information provided when making the case for new savings and new growth for inclusion in the MTFP, known as ‘R1’ and ‘R2’ documents. ‘R1’ gives  ...  view the full minutes text for item 60