Decision details
Financial Strategy 2017/18 to 2019/20
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
The Portfolio Holder for Corporate Support presented a report by the Head of Finance, Governance and Assurance on the Council’s Financial Strategy 2017/18 to 2019/2020 and provided an update on the Council’s proposals to manage its financial position for 2017/18 and beyond.
Decision:
RESOLVED:
a. That the use of Core Grants and other short and medium term resources to provide a balanced budget for 2017/18 and reduced funding gap in 2018/19 (as set out in Table 3) be agreed and recommended to Council
b. That it be noted that to achieve a balanced budget without further Red RAG Rated Savings proposals being implemented will require the allocation of over £34m of short and medium term proposals over two financial years which will not reduce the size of the core funding gap in future years (still requiring £28.7m of base budget savings by 2019/20).
c. That it be noted that further work is being progressed over the next 12 months to deliver a Sustainable Business Model for the Council to close the Core Funding Gap and deliver a financially self-sufficient Council in the medium to long term.
Publication date: 29/09/2016
Date of decision: 28/09/2016
Decided at meeting: 28/09/2016 - Cabinet
Effective from: 07/10/2016
Accompanying Documents: