The Cabinet considered the report of the Head of Corporate Finance and ICT which provided an update on the latest forecast position on the Revenue Budget for 2014/2015; the latest assumptions contained in the Medium Term Financial Plan 2015/2016 - 2016/2017 and the potential budget gaps for this period.
The Head of Corporate Finance and ICT commented that any changes to the forecast position on the Revenue Budget, arising from the Chancellor of the Exchequers Autumn Statement to be published later that day would be reported to the next meeting of the Cabinet on 16 January 2014.
The Chief Executive indicated that the Council would be faced with some difficult budget saving decisions to make in due course, as it was currently predicted that further savings totalling £54.8m, would have to be agreed for 2015 – 2017 from the Council’s controllable budget of £188m.
Decision Made:
That:
(1) the latest position with regard to the Revenue Budget for 2014/2015 be noted;
(2) the Medium Term Financial Plan (MTFP) projected assumptions set out in the report be approved;
(3) it be noted that the potential budget shortfalls within the MTFP are as follows: -
£m
2015/2016 32.4
2016/2017 22.4
Total 54.8
(4) the proposed timetable for approving the 2014/2015 Revenue Budget and setting the Council Tax as outlined in section 6 of the report be approved.
Reasons for Decision:
To ensure that the Cabinet was fully aware of the latest Revenue Budget position for 2014/2015 so that early decisions can be made to enable the Council to agree a balanced budget for 2014/2015 and the level of Council Tax before the statutory date of 10 March 2014; and the latest MTFP position so that early decisions can be made to enable the Council to achieve a sustainable financial position.
Alternative Options Considered and Rejected:
None