Issue - meetings

Background:

This report introduced the Council’s Medium Term Financial Strategy for 2018 -2023. The report made forward projections concerning the Council’s budget requirement and the resources available to deliver its corporate priorities and objectives included within the Council Plan.

The report provided details of the financial challenges facing the Council over the next 5 years and the Council’s strategy for delivering a balanced budget in the context of a reducing resource base.

The report stated that the Council faced a forecast deficit in 2019/20 of around £3.2million, increasing to £16.3million by 2022/23 and it would seek to address this through the accompanying Medium Term Financial Strategy, as set out in Appendix 1 to the report. Notwithstanding the service pressures impacting on the Council’s budget requirement and the significant financial constraints imposed through Government grant reductions, the report stated that it must remain the Council’s main strategic aim to achieve a sustainable budget without recourse to reserves.

The report set out the timetable for the Medium Term Financial Strategy and budget setting and it was noted that business and service planning would run concurrently.

Diversity Impact Assessments would be undertaken and reported to Members as part of the budget and service planning process.

Reasons:

The Medium Term Financial Strategy is important in providing the framework underpinning the budget setting process and is presented to Cabinet in accordance with the timetable set out within the Constitution.