The Council's Medium Term Financial Strategy is the Council's five-year financial plan and provides a framework which enables the Council to effectively allocate its available financial resources to achieve its priority outcomes and objectives.

The strategy accounts for planned changes in income and expenditure and provides an outline of the Council's approach to meeting its statutory requirement and setting a balanced budget each year.

Since 2013/2014, the Government has allowed the Council to keep all or a proportion of income raised locally; Council Tax, Business Rates and Fees and Charges, to fund the services we provide.

This allows the Council greater control in terms of planning as cutting small amounts from all budgets as has been done previously is no longer an option. We want to ensure that we spend our money on the services that are important and make a difference to the people who live, work and visit Bexley.

Further information on the Council's approach to preparing for self-sufficiency is set out in the latest Medium Term Financial Strategy and progress is reviewed through regular Financial Plans reports to Public Cabinet.

The latest update to the Medium Term Financial Strategy was reported to Public Cabinet in November 2024. Like the Council's other plans, the Strategy is reviewed annually to ensure it takes account of new developments and changes in Government policy. The next update will be published in January 2025.

Budget and Council Tax Setting

From the start of the financial year, in addition to planning for the next five years, the focus turns to the more detailed work on setting the budget for the forthcoming year. The current financial climate is challenging but the statutory requirement to set a balanced budget remains.

The draft budget and resulting Council Tax level is developed with the Council's Corporate Leadership Team and Members over a six month period and agreed by Full Council in March each year.

At the meeting on 6 March 2024, the Council considered the report on financial plans for the year ahead and agreed the level of Council Tax for 2024 to 2025. This includes the agreed levels of Fees and Charges.

Resource Management

Draft Budgets and Financial Plans are reported to Overview and Scrutiny Committees.

Adult Social Care and Health Overview & Scrutiny Committee

Children's Services and Education Overview & Scrutiny Committee

Finance & Corporate Services Overview & Scrutiny Committee

Places Overview & Scrutiny Committee

The Council's Corporate Leadership Team and Members regularly review actual performance against planned budgets each month and take corrective action where required. Bexley operates a comprehensive resource monitoring process and reports to Public Cabinet are published regularly during the year.