The Cabinet had before it a *report of the Head of Finance producing an updated Medium Term Financial Strategy (MTFS) which took account of the Council’s key strategies (i.e. Service Plans, Treasury Management Plan, Asset Management Plan, Work Force Plan and Capital Strategy) and demonstrates that it had the financial resources to deliver the Corporate Plan. Included within the over- arching strategy was a Medium Term Financial Plan (MTFP) which 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 main purpose of the Medium Term Financial Plan was to show how the Council would strategically manage its finances over the next 5 years in order to support the delivery of the pledges/objectives detailed in the new Corporate Plan. The plan also identified any gaps so strategic decisions could be made over levels of future spending, taking into consideration continued austerity and the possible removal of the formula grant.
Consideration was given to the need for the Council to become more commercial and continue to consider opportunities for investment.
RESOLVED that the updated Medium Term Financial Plan and the proposals outlined in paragraphs 6.2, 6.3, and 9.4 be fully endorsed.
(Proposed by Cllr P H D Hare-Scott and seconded by Cllr N V Davey)
Note: *Report previously circulated, copy attached to minutes.