Financial forecast and strategies

Medium Term Financial Strategy

One pound coin and financial papers copyright D Walker

The Medium Term Financial Strategy (MTFS) is a key element within the Council's overall strategic planning framework. It is reviewed, updated and rolled forward annually. It forms a framework for how budget pressures and priorities are managed within best estimates of available capital and revenue.

 

MTFS approved by Council (29th September 2016) for financial years to 2019-20:

 

Previous MTFS:

 

Integral to the MTFS are the Council’s capital investment strategic plans. These aim to deliver what we want to do as a Council, in terms of long-term investment, maximising use and generation of capital resources.

The Council is expecting to spend around £190m on capital schemes over the course of the MTFS and Efficiency Plan period. The Council’s Economy and Investment Panel (EIP) manages the Capital Programme on behalf of Cabinet, to whom recommendations are made. Following identification of Council priority areas, resources can be focussed on progressing schemes which contribute to those priorities.

There is a clear bi-annual process, whereby bids are considered together by the EIP. This is a vital part of the prioritisation process, ensuring that all competing demands are considered corporately and ensuring the Council’s scarce resources as used efficiently. The EIP also reviews any uncommitted resources within the existing Capital Programme to determine whether any should be re-prioritised or reallocated.

The MTFS is the first of the three phase process for setting the Council's final budget. Presentation of Cabinet’s draft budget proposals for consultation in January 2017 is then followed by the final budget agreed at Budget Council in February 2017.

The Council’s 4 year Efficiency Plan

Efficiency Plans were first announced on the 17th December 2015. This gave councils the opportunity to achieve greater certainty and the ability to plan ahead with confidence. Calderdale’s plan brings together our 7 Transformation Plans, MTFS and other strategic approaches we are adopting to make the Council leaner over the next 4 years. It can be found appended to the latest MTFS by following the link above.