Issue - meetings
One Medway Financial Improvement and Transformation (FIT) Plan Monitoring - Quarter 4 2024/25
Meeting: 03/06/2025 - Cabinet (Item 8)
PDF 661 KBAdditional documents:
Minutes:
Background:
The report presented a review to Cabinet of the Financial Improvement and Transformation (FIT) Plan monitoring for the financial year 2024/2025, which should be read in conjunction with the Revenue Budget monitoring for the same period.
Producing the FIT Plan, and implementing the FIT Plan Tracker, continued to be a valuable exercise, allowing the Council to track and highlight savings and increases in income and to identify streams of work that may not deliver in-year savings, or savings for budget setting, but may deliver greater long-term benefits. The refreshed plan built on results from 2024/25 and incorporated recommendations and insights from the latest CIPFA financial review.
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Decision number:
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Decision:
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The Cabinet noted the results of the final (fourth) round of FIT Plan monitoring for 2024/25. |
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The Cabinet noted the positive outcome of the independent Internal Audit Assurance review validating the work undertaken in respect of key actions. |
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76/2025 |
The Cabinet instructed the Corporate Management Team to continue focused oversight of FIT Plan, carrying over residual actions to the 2025/26 FIT Plan where appropriate. |
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 monthly 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.