Issue - meetings

Report of the Head of Corporate Finance and ICT

Further to Minute No. 16 of the Cabinet meeting held on 21 June 2012, the Council considered the report of the Head of Corporate Finance and ICT which provided an update on the latest assumptions contained in the Medium Term Financial Plan 2013/14 - 2014/15; highlighted the potential budget gaps for that period and recommended the first stage of budget reductions to contribute to the balancing of the 2013/14 budget.

The report also set out proposals for a change to the Treasury Management Policy to allow improvement of cash management.

This was a Key Decision and was included in the Council’s Forward Plan of Key Decisions.

It was moved by Councillor P. Dowd, seconded by Councillor Maher and

RESOLVED:

That approval be given to:

(1)       the Medium Term Financial Plan projected assumptions contained in the report;

(2)       the initial budget proposals for 2013/14 and future years outlined in paragraph 7 of the report, and officers be delegated to take the necessary actions to achieve the impact outlined; and

(3)       the change to the Treasury Management Policy as outlined in paragraph 8 of the report.

Report of the Head of Corporate Finance and ICT

The Cabinet considered the report of the Head of Corporate Finance and ICT which provided an update on the latest assumptions contained in the Medium Term Financial Plan (MTFP) 2013/14 – 2014/15; highlighted the potential budget gaps for that period and recommended the first stage of budget reductions to contribute to the balancing of the 2013/14 budget.

The report also sets out proposals for a change to the Treasury Management Policy to allow improvement of cash management.

This was a Key Decision and was included in the Council’s Forward Plan of Key Decisions.

RESOLVED: That:

(1)       the Council be recommended to approve the Medium Term Financial Plan (MTFP) projected assumptions contained in the report;

(2)       the potential budget shortfalls within the MTFP be noted as follows:-

                                    £m

            2013/14          21.7

            2014/15          22.0

(3)       the Council be recommended to approve the initial budget proposals for 2013/14 and future years outlined in paragraph 8 of the report, and that officers be delegated to take the necessary actions to achieve the impact outlined;

(4)       the Council be recommended to approve the change to the Treasury Management Policy as outlined in paragraph 8 of the report.