Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To consider the MTFP.
The Cabinet had before it a *report of the Deputy Chief Executive (S151) providing an updated Medium Term Financial Plan (MTFP) which took into account the Council’s key strategies (i.e. the Corporate Plan, Business Plans, Treasury Management Plan, Asset Management Plan, Work Force Plan and Capital Strategy) and demonstrated that it had the financial resources to deliver the Corporate Plan. The report modelled potential changes in funding levels, new initiatives, unavoidable costs and proposed service savings.
The Cabinet Member for Finance outlined the contents of the report stating that the MTFP was based on best assumptions and estimates for further year on year reductions in Government funding.
The budget gap forecast for 2019/20 to 2022/23 as depicted below:
It was forecasted that the budget gap would be £1.4m if no remedial action was undertaken. Key assumptions had been made with regard to the Revenue Support Grant, Business Rates, any capping on a Council Tax rise, income from the New Homes Bonus and any possible amendment to the split between county and district authorities.
Consideration was given to whether the assumptions were realistic and that there was no guarantee on Government funding.
RESOLVED that the Medium Term Financial Plan be NOTED and that the proposals outlined in paragraph 8.2 of the report be fully endorsed.
(Proposed by Cllr P H D Hare-Scott and seconded by Cllr C R Slade)
Note: * Report previously circulated, copy attached to minutes.
Report author: Andrew Jarrett
Publication date: 29/10/2018
Date of decision: 25/10/2018
Decided at meeting: 25/10/2018 - Cabinet
Effective from: 03/11/2018