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Issue - meetings
Medium Term Financial Strategy and 2019/20 Mid-Year Financial Review
Meeting: 02/09/2019 - Cabinet (Item 195)
195 Medium Term Financial Strategy and 2019/20 Mid-Year Financial Review PDF 299 KB
Additional documents:
Decision:
1. Approve the Medium Term Financial Strategy.
2. The Council take the robust actions necessary in this financial year and
throughout the 2020/21 budget processes to achieve a sustainable budget.
Minutes:
The Assistant Director, Financial Services and Revenues presented a report outlining the Medium Term Financial Strategy.
The council looks to forecast its financial position over the medium term in order to ensure it can align corporate objectives with available resources.
The Medium Term Financial Strategy (MTFS) seeks to identify the financial risks that will affect the annual budgets for each of the next 5 years (with projections to 2028/29) in order that key priorities can be matched to expected funding.
The Assistant Director informed the Cabinet that there remains uncertainty on the level of resources that will be available to the Council beyond next year. Further detail should be set out in the forthcoming spending review with a funding settlement expected in December.
In response to a suggestion that the Council should increase its capital asset disposal programme the Assistant Director confirmed that assets are reviewed on a regular basis and there are plans to dispose of assets, however not all disposals are large enough to come to Cabinet for approval.
Councillor Chowney proposed approval of the recommendations of the report, seconded by Councillor Fitzgerald.
The Chair agreed to vote on each recommendation separately, as shown in the resolution below.
RESOLVED:
1. Approve the Medium Term Financial Strategy. (by 7 for, to 2 against)
2. The Council take the robust actions necessary in this financial year and throughout the 2020/21 budget processes to achieve a sustainable budget. (unanimously)Reasons for the decision:
The council matches its available resources to its priorities across the medium term.
The Council needs to achieve savings of some £3.2m in order to achieve a sustainable budget in 2020-21. To date some £1.81m savings have been identified and there are estimated to be some £548,000 of reserves that could be used to help in the transition to a lower spending Council - subject to significant savings being achieved in 2019/20.
This leaves some £1.496m of savings still to identify. The report provides the opportunity to assess the council's resources to assist the review of corporate priorities. The Council must be prepared for continued ongoing reductions in funding, greater volatility in its income streams, economic uncertainty and the need to continually ensure limited resources are properly aligned to targets.
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