Decision details

Consideration was given to the report which detailed the Council’s Medium Term Financial Strategy (MTFS) and set out a framework for understanding the challenges the Council faced and supported corporate planning.  It helped the Council to shape its finances over the medium term by examining the projected resources available to meet the priorities as set out in its Council Plan. 

The Strategy sets out the framework and principles upon which current and future financial projections, over the medium term, would be predicated. The MTFS financial projections were revised and updated alongside the setting of the revenue budget 2018/19 and illustrated budget gaps of £29.7m over the period 2019/20 and 2020/21. The financial projections have been reviewed and updated again alongside the development of a two-year budget for 2019/20 and 2020/21 and were incorporated into the MTFS. The details of the budget including outcomes of consultation would be reported to Cabinet and Council in February, 2019 when the Budget and Council Tax Report 2019/20 was considered. 

The Strategy document attached to this report represented an interim update to the Council’s medium term financial plans, which would be further updated following completion of budget consultation and the receipt of further information on the Council’s funding from Government within the Provisional Local Government Finance Settlement for 2018/19.   

This report had been considered by the Overview and Scrutiny Management Board as part of the pre-scrutiny process who were in support of the recommendations, but requested the Strategy be updated by the Strategic Director of Finance and Customer Services to take account of the funding announcements from Central Government and addressed the concerns expressed by Members.

Resolved:-  (1)  That the updated Medium Term Financial Strategy be approved and that it be noted that the final version of the Strategy would be submitted to Cabinet and Council in February, 2019. 

(2)  That the Strategy be updated by the Strategic Director of Finance and Customer Services to take account of the funding announcements from Central Government and addressed the concerns expressed by Members.