(Report of Director of Finance and Transformation)

The report provided an update on the Medium Term Financial Strategy (MTFS), the projected funding gap and associated savings targets.  Although it was expected that the current year’s target of £625,000 would be achieved, it was noted that the remaining two tranches would have to be brought forward from 2021/22 to 2019/20 largely as a result of the recent cut in the bank rate and its consequent impact on investment income over the period of the MTFS.

An update was also given on the Kent Business Rates Pool and approval sought to confirm the Council’s continued membership of the Pool for 2017/18.

The Cabinet resolved that:

(1)             the good progress made in meeting the savings target for 2016/17 be noted and appreciation recorded whilst recognising that there is a significant financial challenge remaining to be addressed over the medium term; and

(2)             the Council’s continued membership of the Kent Business Rates Pool in 2017/18 be confirmed.