Agenda item

11.1

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

11.2

RESOLVED: That Cabinet:-

(a)

notes the forecast position for the next five years;

(b)

agrees the approach to business planning targets;

(c)

agrees the following approach to capital planning:-

·      Maximise flexibility in resource pools to ensure priorities in relation to housing can be most effectively achieved, including policies related to affordable housing

·      Manage capital resource pools including New Homes Bonus and Community Infrastructure to ensure that Council wide objectives are achieved

·      Reaffirm the existing Corporate Resource Pool allocation principles

11.3

Reasons for Decision

11.3.1

To inform Members of the forecast revenue gap over the medium term and to recommend the appropriate strategy for balancing the budget over the medium term. 

11.4

Alternatives Considered and Rejected

11.4.1

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.

11.5

Any Interest Declared or Dispensation Granted

None

11.6

Reason for Exemption if Public/Press Excluded During Consideration

None

11.7

Respective Director Responsible for Implementation

Eugene Walker, Executive Director, Resources

11.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

Overview and Scrutiny Management Committee

11.1

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

11.2

RESOLVED: That Cabinet:-

(a)

notes the forecast position for the next five years;

(b)

agrees the approach to business planning targets;

(c)

agrees the following approach to capital planning:-

·      Maximise flexibility in resource pools to ensure priorities in relation to housing can be most effectively achieved, including policies related to affordable housing

·      Manage capital resource pools including New Homes Bonus and Community Infrastructure to ensure that Council wide objectives are achieved

·      Reaffirm the existing Corporate Resource Pool allocation principles

11.3

Reasons for Decision

11.3.1

To inform Members of the forecast revenue gap over the medium term and to recommend the appropriate strategy for balancing the budget over the medium term. 

11.4

Alternatives Considered and Rejected

11.4.1

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.