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Decision details

Medium Term Financial Strategy 2017-22

Decision Maker: Co-operative Executive

Decision status: For Determination

Is Key decision?: Yes

Purpose:

The purpose of the Report is to:

           provide Members with details of the forecast financial position of the Council for the next 5 years; and

           to recommend the approach to budgeting and business planning that will be necessary to achieve a balanced budget position over the medium term.

Decision:

10.1

The Acting Executive Director, Resources submitted a report providing Members with details of the forecast financial position of the Council for the next 5 years and recommending the approach to budgeting and business planning that will be necessary to achieve a balanced budget position over the medium term.

 

 

10.2

RESOLVED: That Cabinet:-

 

 

 

(a)

notes the forecast position for the next 5 years, as set out in the report now submitted;

 

 

 

 

(b)

agrees the approach to budgeting and business planning outlined in the report;

 

 

 

 

(c)

agrees to delegate authority to the Acting Executive Director, Resources, in consultation with the Cabinet Member for Finance & Resources, to apply to take up the multi-year settlement supported by the Efficiency Plan at Appendix 6 of the report;

 

 

 

 

(d)

endorses one of the key points of the Council’s response to the Government’s consultation on 100% Business Rates Retention, namely the call for Improved Better Care Fund Grant to be brought forward; and

 

 

 

 

(e)

agrees the following approach to capital planning: 

 

      Maximise flexibility in capital resources including New Homes Bonus, capital receipts and Community Infrastructure Levy (CIL) to ensure that Council-wide objectives are achieved.

      Review policies in relation to Affordable Housing, CIL and New Homes Bonus to ensure that the generation of these funding streams is optimised.

      Reaffirm the existing Corporate Resource Pool (CRP) allocation principles.

 

 

 

 

10.3

Reasons for Decision

 

 

10.3.1

To provide a strategic framework for the development of budget proposals and the business planning process for 2017/18 and beyond.

 

 

10.4

Alternatives Considered and Rejected

 

 

10.4.1

A number of alternative courses of action are considered as part of the process undertaken by Officers before decisions are recommended to Members.  The recommendations made to Members represent what Officers believe to be the best options available to the Council, in line with Council priorities, given the constraints on funding and the use to which funding is put within the Revenue Budget and the Capital Programme.

 

 

10.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

10.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

10.7

Respective Director Responsible for Implementation

 

 

 

Eugene Walker, Acting Executive Director, Resources

 

 

10.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

 

 

 

Overview and Scrutiny Management Committee

 

Report author: Mike Thomas

Publication date: 21/10/2016

Date of decision: 19/10/2016

Decided at meeting: 19/10/2016 - Co-operative Executive

Effective from: 28/10/2016

Accompanying Documents: