Issue - decisions

Medium Term Financial Strategy Update

18/10/2019 - Medium Term Financial Strategy Update

(Joint report of Chief Executive and Director of Finance and Transformation)

 

The report provided an update on the Medium Term Financial Strategy (MTFS) and projected funding gap ahead of the forthcoming budget cycle.  Reference was made to the latest assessment of budget or potential budget pressures which could increase the projected funding gap from the £675,000 reported to Finance, Innovation and Property Advisory Board to £800,000 with the possibility of it being doubled in the event that New Homes Bonus was withdrawn without replacement. 

 

The importance of delivering at least this year’s savings and transformation contribution of £100,000 was acknowledged.  The number, scale and timing of requisite savings/contributions would be determined on moving through the forthcoming budget cycle.

 

It was reported that the 2020/21 Local Government Finance Settlement Technical Consultation had recently been published and the main intentions were outlined.  Consideration was given to a mechanism for responding by the deadline of 30 October 2019.

 

The Cabinet resolved that:

 

(1)          the latest MTFS position statement be noted together with the need to meet at least the commitment to identify and implement opportunities to deliver this year’s savings and transformation contribution of £100,000; and

 

(2)          delegated authority be given to the Director of Finance and Transformation, in liaison with the Leader and Cabinet Member for Finance, Innovation and Property, to respond to the Technical Consultation prior to the deadline of 30 October.