Following a publication of a report by BBC News on 14th November on the financial position of Mole Valley District Council we have received the following statement from MVDC's Communications
Councillor Bridget Kendrick, Cabinet Member for Finance said: ‘Mole Valley District Council (MVDC) is updating its Medium Term Financial Plan (MTFP) covering the period from 2023/24 to 2028/29. We remain in a stable financial position but face continued budget pressures due to rising service costs, inflation, and reduced central government funding over the last decade. This updated financial forecasting highlights the importance of prudent spending, a continued focus on delivering our transformation programme and a need to identify additional savings over the next twelve months to ensure future financial stability.
‘Our ongoing Transformation Programme, Evolve 2026, is making progress toward the planned £3.7 million savings over the MTFP period, which is essential to balance our budget in the medium term without any net use of reserves over the 4 year medium term plan.
‘Although some savings have taken longer to materialise and we estimate that we may have to use £300,000 from our reserves this year, our usable reserves are expected to stand at £10.3 million by March 2025, which is above the minimum £7.2m threshold needed for financial security.
"We’re confident that, with the plans we have in place, the 2025/26 budget will be balanced. However, we must continue to approach spending with caution and work over the next twelve months to identify additional savings for the future.”
