Issue - meetings

At its meeting on 16 January 2019 the Executive Committee considered the Medium Term Financial Strategy and RECOMMENDED TO COUNCIL that it be ADOPTED.

69.1           At its meeting on 16 January 2019, the Executive Committee had considered the Medium Term Financial Strategy and recommended to Council that it be adopted. 

69.2           The report which was considered by the Executive Committee had been circulated with the Agenda for the current meeting at Pages No. 23-47.

69.3           The Vice-Chair of the Executive Committee proposed the recommendation which was seconded by the Lead Member for Finance and Asset Management.

69.4           Referring to Page No. 47 of the report, a Member questioned whether the amount of reserves the Council had to support the budget and meet any redundancy costs was at the right level and how it compared to the amount other Councils had in reserve. In response, the Head of Finance and Asset Management explained that, taken in context with the Council’s working balances, it had around £1.4 million in unallocated balances which was reasonable; if a surplus was generated throughout the year he would recommend that some was set aside to ‘top up’ the unallocated balances.

69.5           The Leader of the Council thanked the Members and Officers involved in putting together the Medium Term Financial Strategy and, accordingly, it was   

                  RESOLVED          That the Medium Term Financial Strategy be ADOPTED.

To recommend to Council the adoption of the Medium Term Financial Strategy 2019/20-2023/24.

That the Medium Term Financial Strategy 2019/20-2023/24 be RECOMMENDED TO COUNCIL for ADOPTION.  

58.1           The report of the Head of Finance and Asset Management, circulated at Pages No. 63-87, attached the Medium Term Financial Strategy for the period 2019/20-2023/24 which Members were asked to recommend to Council for adoption.

58.2           Members were reminded that the Medium Term Financial Strategy set out the Council’s estimates of its commitment expenditure and identified the spending pressures and the budget savings needed to achieve the recommended Council Tax levels for each of the five years of the plan. The Medium-Term Financial Strategy did not constitute a formal budget for the period, as such, the indicative annual assumptions included would be subject to a full review and decision-making process as part of the Council’s budget and Council Tax setting.

58.3           Attention was drawn to the Medium Term Financial Strategy, attached to the report at Appendix 1, and Members were advised that it included information about the national context; the local government finance settlement; the New Homes Bonus strategy; retained business rates; growth pressures; the deficit and deficit reduction programme; and the potential Council Tax strategy for recommendation to Council.

58.4           Members felt the Medium Term Financial Strategy was comprehensive and, accordingly, it was