Issue - meetings

Minute 246 refers

Note – Members are asked to note that Minutes 221 – 244 were determined at the Extraordinary Council meeting held on 22 September 2016.

RESOLVED – that (A) the comments of Corporate Business Scrutiny be received;

(B)   the proposed Financial Strategy be adopted; and

(C)   the planning assumptions set out in this report be adopted by the Council as the basis for framing the 2016/17 budget and Medium Term Financial Plan to 2020/21.

(see also Minute 403)

The Executive Member for Finance and Support Services submitted a report that considered revisions to the Financial Strategy for the years 2016/17 to 2020/21.  This included the policy on reserves and the proposed planning assumptions to be used to update the Medium Term Financial Plan (MTFP) in preparation for annual budget setting.

Members were reminded that this report had been postponed from the July meeting to allow Officers to take account of the implications of the EU referendum outcome.  The immediate impact that Officers wished to consider had not materialised although there would be significant financial implications for the public sector when the Government triggered Article 50 to start the 2 year negotiating period for leaving the EU.

Members were referred to Essential Reference Paper ‘C’ for the financial planning assumptions that had been made with particular focus on inflation in 2018/19.  Officers referred to contributions to the collection fund reserve due to uncertainty regarding business rates.

Members were reminded of the importance of retaining a buffer against future shortfalls.  Officers advised that the figures in Essential Reference Paper ‘B’ were cumulative across the years that were presented as part of the MTFP revenue budget.

The Head of Strategic Finance and Property responded to a number of comments and queries from Members.  The Committee received the report.

RESOLVED – that the report be received.