Medium Term Financial Strategy 2023-24

1. Introduction and background

1. 1.1. The Medium-Term Financial Strategy (MTFS) is updated annually in response to changing pressures and opportunities and supports the preparation of the coming years budget.
2. 1.2. The MTFS supports the delivery of the Council's priorities by setting out the framework within which resources are available to the Council over the medium term. It provides high level financial projections taking into account known local and national factors, spending pressures and commitments, forecast of future funding reductions and the economic outlook.
3. 1.3. The MTFS is a strategic document that supports the delivery of the Corporate Plan 2020-2025. Great Yarmouth Borough Council's sets out the Council's commitment to drive and facilitate in the following four strategic areas:
   • a strong and growing economy
   • improved housing and strong communities
   • high-quality and sustainable environment
   • an efficient and effective council
4. 1.4. The MTFS along with the updated financial forecast outlines the demands on the capital programme of both ambition and resources, the impact on the revenue account (for both housing and non-housing) and on the level of reserves held by the Council. Furthermore, the longer-term ambitions of the Town Deal, Future High Streets and Levelling Up funding are significant investments that will support the delivery of the Corporate Plan and are also linked to the priorities of the MTFS.
5. 1.5. Finally, the strategy addresses both the sustainability of the Councils financial position and examines the more significant risks inherent in the proposals.