(Report of Management Team)
The report provided an update on both the Medium Term Financial Strategy (MTFS) and Savings and Transformation Strategy (STS) together with an assessment of the latest projected funding gap which was not static and changed in response to internal and external factors. It was noted that early indications suggested an increase of £50,000 in the funding gap from when the 2019/20 budget was set. The report also referred to the implications of the likely delay of the Fair Funding Review and the future of New Homes Bonus.
The Cabinet reflected on the savings achieved since the introduction of the STS in 2016 and the budget areas being reviewed by the Overview and Scrutiny Committee in addressing the current year’s saving contribution of £100,000. Further opportunities for delivering savings and transformation contributions over the medium term would continue to be identified and considered.
The Cabinet resolved that:
(1) the present position with regard to the MTFS and STS be noted; and
(2) opportunities for delivering savings and transformation contributions over the medium term continue to be identified.