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Issue - meetings
Medium Term Financial Strategy
Meeting: 06/11/2017 - Cabinet (Item 43)
43 Medium Term Financial Strategy PDF 133 KB
(Cabinet Decision)
Additional documents:
Minutes:
The Assistant Director, Financial Services and Revenues, presented a report on the medium term financial strategy. The council forecasted its financial position over the medium term to ensure its resources were aligned with its priorities and objectives and to assist with the budget setting process for future years.
The report gave an overview of the council’s income and expenditure, since the budget for 2017/18 was set in February. The Assistant Director, Financial Services and Revenues, commented that further significant budget reductions were expected in the years ahead. He also acknowledged further uncertainty regarding business rate appeals and an outstanding claim in respect of the pier closure. Recent increases in inflation had created additional pressures on the council’s budget.
It was essential that the council continued to optimise the efficiency of its services. Potential re-occurring savings identified in the medium term financial strategy would be investigated as part of the budget setting process for 2018/19. The council was also exploring opportunities to generate additional income.
Councillor Chowney moved approval of the recommendations to the Assistant Director, Financial Services and Revenues, report which was seconded by Councillor Forward.
RESOLVED (by 6 votes for, to 2 against) that the medium term financial strategy be approved
The reason for this decision was:
The council matches its available resources to its priorities across the medium term.
The report provides the opportunity to assess the council’s resources to assist the review of corporate priorities given the continued reductions in funding and the need to continually ensure limited resources are properly aligned to targets.
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