Meeting documents
Cabinet
Wednesday, 16th November, 2011
SUMMARY
Cabinet considered a report on the Council’s Medium Term Financial Plan agreed by Full Council on 24 February 2011 which set out the Council's approach to managing its finances over the period 2011/12 to 2014/15. Two Financial Strategy reports had been considered by Cabinet in July and September 2011 which had provided further information on issues affecting the Council’s financial position, more detail on savings plans for 2012/13 and 2013/14 and recommended approval of the first phase of 2012/13 savings. This report provided the latest position on the Council’s future resource and expenditure projections and would, in line with the agreed 2012/13 budget timetable, identify Phase 2 2012/13 budget savings for approval.
The Council’s resource and expenditure projections would continue to be refined including any implications arising from the formula grant settlement due in late November. Further updates to this report would be brought before Cabinet and Council in January and February 2012 respectively including details of Phase 3 savings for 2012/13 and any future year’s savings which could be agreed as part of this year’s budget cycle.
This strategy was the product of significant work which had been carefully undertaken to ensure the accurate presentation of the financial landscape and effectively manage the complexities, to provide a robust way forward for the Council.
Rachel Musson - Cabinet
Recommendations:
It was recommended that Members:-
1.1 Agree the Phase 2 savings for 2012/13 identified in this report at Appendix 4 and recommend them to Council for agreement on 15 December 2011;
1.2 Agree that where the implementation of Phase 2 savings extends beyond 1 April 2012, additional savings will be delivered in future years as detailed in the report, without the need for Council to duplicate decision making;
1.3 Agree the revised savings targets in 2012/13 and in the medium term (April 2013 to March 2015) and how these revised savings targets relate to savings identified as part of our financial planning process to date (Section 5.3).
1.4 Consider the main issues identified for the Council in the long term (April 2015 to March 2021) as detailed in Section 5.7 of the report.
1.5 Agree the response to CLG for the LGRR - Business Rates Retention Consultation which was returned on 24 October 2011 ahead of the consultation deadline, and is attached at Appendix 6.
Decisions reached:
As per the recommendations above.
Attached items/documents:
- 9 Financial Strategy 2012 and 201 to 2010 and 2012 including Phase 2 savings 2012 and 2013.pdf
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