Corporate Strategy 2023-2028

Financial Resilience

B2- We will be a financially sustainable and resilient Council managing our resources and assets effectively and efficiently, for instance by reviewing and optimizing our corporate estate

Self-assessment theme: Resource planning and management.

Rationale

• The most recent version of our Corporate Risk Register placed financial resilience as the Council’s highest rated risk. The Council needs to have a financially sustainable Medium Term Financial Plan to ensure it can respond to unforeseen financial pressures it could lead to in year cash flow and short and long-term financial pressures, resulting in a depletion of reserves/working balances, unsustainable service delivery levels and an unaffordable capital programme and increasing arrears. 
• Significant pressure on resources which, in all likelihood, will continue throughout the period of this plan (see section on the Medium Term Financial Plan) and public finances means we need to consider how all our resources and assets support delivery to communities.

What we are going to do

Work with all key stakeholders to agree and then deliver an annual affordable, balanced budget as part of sustainable and responsive Medium Term Financial Plan.

• Clearly communicate the threats and opportunities facing the Council and recommend appropriate mitigation and maximisation measures.
• Pursue ‘invest to save’ and ‘service reconfiguration’ opportunities to deliver future savings and efficiencies.
• Identify alternative income streams to help close projected funding gaps utilising the Council’s general power of competency.
• Recommend prioritisation options to protect statutory services and those needed by the most vulnerable in our County.
• Obtain views of as many residents as possible through the annual budget stakeholder consultation.

Work towards presenting “live” financial and resource information to stakeholders.

Continually improve our business processes and productivity to deliver fit-for-purpose services at the lowest sustainable cost.

Transition from a traditional customer offer to a modern, digital multi-channel experience to support all citizens.

• Continue our quest to be a digitally competent and data driven Council, to allow effective analysis, decision making and targeting resources more effectively.
• Interact and communicate with customers and deliver services using a range of digital technologies.

Strive to become a performance – oriented organisation delivering modern, effective and efficient services.