Decision Taken By: CABINET
Decision No: D110137CAB
Date: 12th October 2011
Decision(s) and Reason(s)
Medium Term Financial Strategy and Initial Budgetary Guidance
Minutes
The report considered the factors that were likely to impact on the Council's finances for both the forthcoming budget cycle and Medium Term Financial Strategy (MTFS) and endorsement was sought of the Budgetary Guidance issued to staff for the 2012/13 budget cycle.
It was noted that since latest forecasts and projections suggested that the economic downturn would be more protracted than originally envisaged, income estimates would now be based on current rather than ‘normal' levels of activity. An updated version of the MTFS was presented reflecting the latest anticipated funding gap of £2.9 million after realising some immediate savings of £300,000. Reference was made to a three stage approach being developed to tackle the significant financial challenge faced by the Council. The MTFS would be further updated on moving through the 2012/13 budget cycle.
The Cabinet acknowledged the work of the Management Team and expressed appreciation of the loyalty and commitment of staff at all levels of the organisation.
The Cabinet resolved that:
1) the content of the report and the decision to dispense with the economic downturn adjustment be noted and endorsed; and
2) the budgetary guidance issued to Chief Officers preparing and considering estimates and fees and charges for 2012/13 be endorsed on the basis set out at paragraph 1.3 of the report.
Reasons: As set out in the joint report of the Director of Finance and Cabinet Member for Finance.
Signed Chief Executive: D Hughes
Date of Publication: 14 October 2011
This decision will come into force and may then be implemented on the expiry of 5 working days after publication unless it is called in.