Issue - meetings
One Medway Financial Improvement and Transformation Plan Update
Meeting: 19/11/2024 - Cabinet (Item 8)
8 Financial Improvement and Transformation (FIT) Plan Monitoring - Round 2 2024/25 
PDF 436 KB
Minutes:
Background:
The report presented a review of the Financial Improvement and Transformation (FIT) Plan monitoring for Round 2 and needed to be read alongside the Round 2 Revenue Budget Monitoring 2024/25 report to understand the full financial implications.
It was noted that the production of the FIT Plan, and implementation of the FIT Plan Tracker, had proven to be a valuable exercise highlighting savings and increases in income, and enabling identification and celebration of successes without them getting “lost” in the financial monitoring.
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Decision:
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The Cabinet noted the results of the second round of Financial Improvement and Transformation (FIT) Plan monitoring for 2024/25. |
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146/2024 |
The Cabinet instructed the Corporate Management Team (CMT) to expedite any of the actions within the FIT Plan, where failure to do so may adversely affect the budget position. |
Reasons:
Full Council is responsible for agreeing a balanced budget in advance of each financial year. Cabinet is responsible for ensuring that income and expenditure remain within the approved budget, including instructing transformation activities or corrective action to prevent any forecast overspend from materialising.
The FIT Plan, which is reviewed on a 2-weekly basis at CMT, is one of the key tools for ensuring delivery of savings in the current financial year and implementing a range of key actions to ensure the long-term financial sustainability of Medway Council.