Decision details

An updated review of the Council’s financial position over the medium-term

Resolved to Recommend the approval of:

1. The revised Medium Term Financial Strategy for the period 2016/17 – 2020/21

2. The financial projections within the 5-year Medium Term Financial Strategy

3. A General Fund savings target of £1.33 million for the 2017/18 budget-setting process;

4. A four-year General Fund savings target of £3.6 million for the duration of this Medium Term Financial Strategy;

5. A review  of the Housing Revenue Account base budget and savings target be undertaken as part of the review of the HRA business plan and budget preparation cycle;

6. The Corporate Director (Finance & Operations) working with the Council’s Corporate Management Team and Portfolio Holders to deliver options that will achieve the saving targets identified within the strategy;

7. Authority be delegated to the S151 Officer, in consultation with the Budget Review Group, to consider Government’s proposed four-year Settlement, and, subject to further guidance emerging before October, to accept the offer if appropriate;

8. The Financial Planning Framework to support the budget-setting process for 2017/18;

9. The Corporate Director (Finance & Operations) be requested to revise the Medium Term Financial Strategy and re-present to Cabinet and Council for approval if material changes to forecasts are required following future Government announcements.