Decision details

The Cabinet had before it a * report of the Director of Finance, Assets and Resources which set out an updated Medium Term Financial Plan (MTFP) taking account of the Council’s key strategies (i.e. The Corporate Plan, Business Plans, Treasury Management Plan, Asset Management Plan, Work Force Plan and Capital Strategy).

The Cabinet Member for Finance outlined the contents of the report who stated that the Medium Term Financial Plan had been developed to provide a financial framework within which the Council could deliver the pledges and objectives within the Corporate Plan, the strategy focused on the forward financial issues/pressures facing the General Fund and the Capital Programme.  There were still some key issues within the vision that had not been resolved which may improve or worsen the vision, that of:

·         Application by the Devon Pool to become 100% Business Rates Pilot

·         Impact of new Homelessness legislation from 01/04/18

·         Impact of full rollout of Universal Credit from 01/04/18

·         Autumn Statement announcement in November 2017

·         Finalisation of Formula Grant settlement

·         Ongoing service reviews (including changes to fees/charges)

Any major variations in the assumptions would require a fundamental review of the Council’s MTFP and would be reported back to Cabinet and the wider Membership as soon as was practical, coupled with proposed courses of action that could be implemented.

Consideration was given to:

·         The fact that to do nothing with regard to generating income was not an option

·         The options available to meet the funding gap to include those highlighted within the report

·         The need for Members to be involved in the direction of travel

·         Statutory and non-statutory functions of the local authority

·         The budget papers that would be put forward to the Policy Development Groups over the next month outlining the choices that would need to be made.

RESOLVED that the Medium Term Financial Plan be approved and that the actions highlighted within paragraph 6.2 of the report be fully endorsed.

(Proposed by Cllr P H D Hare-Scott and seconded by R J Chesterton)

Note:  * Report previously circulated, copy attached to minutes.