Issue - meetings

Report of the Head of Corporate Resources

The Cabinet considered the report of the Head of Corporate Resources in relation to the Medium Term Financial Plan (MTFP) which provided an update on the overall financial position of the Council.  The report conveyed the financial environment that the Council will operate in over the next 3 years, the key financial challenges that would be faced and provided an update on the financial assumptions and savings proposals that were considered at the meeting of the Budget Council in March 2017.

Decision Made: That:

(1)       the Medium Term Financial Plan for the period 2017/18-2019/20, be received;

(2)       the current financial assumptions contained within the Plan, be agreed and confirm  that no material changes need to be made to the funding shortfall previously reported to Members at the Budget Council in March 2017;

(3)       the value of the current budget proposals for 2017/18 to 2019/20 and the current variations to those that are reported at paragraph 4.17, be noted;

(4)       the continued pressure on all services as a result of the funding shortfall and in particular the increased  financial demand on Adult Social Care and Children’s Social Care which has led an overall pressure within the budget of £6.4m over the next 3 years, be noted; and

(5)       that all funding assumptions and savings proposals be continually monitored and updated with appropriate reporting, including remedial action plans, being presented to Members during the financial year, be agreed to ensure that financial sustainability is maintained and a balanced budget is delivered in 2018/19 and 2019/20.

Reasons for the Recommendations:

The recommendations will ensure that the overall financial health and sustainability of the Council is maintained and that appropriate decision making can be undertaken.

Alternative Options Considered and Rejected:

None.