Decision Taken By: CABINET
Decision No: D120145CAB
Date: 19th November 2012
Decision(s) and Reason(s)
Medium Term Financial Strategy
Minutes
An update was provided on the Council's finances in the context of the Medium Term Financial Strategy (MTFS) following the report to the Cabinet on 10 October 2012 (Decision No D120129CAB). Reference was made to progress in achieving the savings target together with the factors which had contributed towards meeting the first savings tranche. The Cabinet acknowledged the efforts and support of staff in this achievement.
The report advised that the level of council tax increase for 2013/14 above which the Secretary of State would require a local referendum had recently been set at 2%. The Government had also announced that it would provide funding equivalent to a 1% increase in council tax in 2013/14 and 2014/15 to enable a council tax freeze.
In providing an early update of the MTFS the Director of Finance outlined the matters to be taken into account and gave details of the latest projections regarding council tax income and the "funding gap".
The Cabinet resolved that:
1) the progress made in meeting the first savings tranche of £635,000 be noted; and
2) it be noted that an early update of the Medium Term Financial Strategy suggests a "funding gap" of £2.7 million (council tax increase 2%) and £3 million (council tax freeze).
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: 21 November 2012
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.