Issue - meetings

(CSP: MEC, MEC1)

Purpose: To agree the medium term financial planning and strategy for the organisation.

Resolved that the Medium Term Financial Strategy 2017-18 to 2019-20 be recommended for approval by Council.

This decision is not subject to call in as:

·      the item is due to be referred to Council for final approval.

therefore it will be implemented immediately.

The Executive considered a report (Agenda Item 7) concerning the Medium Term Financial Strategy (MTFS) which was a rolling three year strategy built to ensure that the financial resources, both revenue and capital, were available to deliver the Council Strategy. The MTFS should be read in conjunction with the Revenue Budget 2017-18, Capital Strategy and Investment and Borrowing Strategy reports.

The aim of the MTFS was to:

(1)     Allocate the available resources focussing on those determined as most critical in supporting the Council’s priorities and statutory responsibilities;

(2)     Determine the level of service the Council would realistically be able to provide;

(3)     Ensure that capital investment was affordable; and

(4)     Ensure that the Council had sufficient levels of reserves.

Councillor Anthony Chadley added that the MTFS helped to forecast levels of expenditure and income to inform budgetary requirements over the three year period. The document also had a key role in helping to close the Council’s funding gap over this time period.

RESOLVED that the Medium Term Financial Strategy 2017-18 to 2019-20 be recommended for approval by Full Council.

Other options considered: None.