Medium term financial strategy
The Medium Term Financial Strategy (MTFS) is a five-year plan that aims to:
- show how the Council will provide services that meet people's needs while using resources wisely
- connect the Council's vision and priorities with resources available
- explain how finances will be managed to achieve goals over the next five years
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
- how we safeguard public money
- the strategy brings together the key issues affecting the:
- Revenue Budget
- Capital Programme
- Treasury Management Strategy
- Capital and Investment Strategy
Local authorities are facing funding challenges and increased demand for services, so strong financial management is vital. Planning needs to balance immediate service needs with long-term sustainability. The strategy forecasts the key budget issues for the Council by estimating available funding and potential costs.