Lead Member – Mr Mike Owen, Portfolio Holder for Finance, Resources and Support.

Report of the Head of Finance, Governance and Assurance (Section 151 Officer) is to follow.

Contact – James Walton (01743 255011)

(a)  That it be noted that the funding gap of £80m for the period 2014-17 identified in the Council Business Plan and Financial Strategy agreed by Council in February 2014 was retained for planning purposes.

(b)  That the initial funding gap identified for 2017/18 be noted, which would be refined before being built into the Council’s next Medium Term Financial Plan.

(c)  That it be noted that a further, updated report, was due to be presented to Council in September to reflect the financial implications of the planned university and Annual Business Plan for ip&e.

22.1    The Portfolio Holder for Finance, Resources and Support presented a report by the Head of Finance, Governance and Assurance (Section 151 Officer) – copy attached to the signed minutes – on an overview of the latest estimates of the Council’s revenue resources and expenditure.  It was set in the context of the Council’s other key strategic documents, in particular, the Treasury Management Strategy and the Capital Strategy which was now incorporated within the Business Plan.

22.2    The Financial Strategy was a rolling plan which was revised throughout each financial year, usually quarterly, as more information became available about the level of resources, service pressures and service delivery.  The report submitted to this meeting was the first in 2014/15 and considered the information from current year monitoring reports and any implications of this for future year’s budgets.  It also considered revised information for years 2 and 3, 2015/16 and 2016/17 of the current financial plan and outline initial projections for 2017/18.

22.3    RESOLVED:

(a)  That it be noted that the funding gap of £80m for the period 2014-17 identified in the Council Business Plan and Financial Strategy agreed by Council in February 2014 was retained for planning purposes.

(b)  That the initial funding gap identified for 2017/18 be noted, which would be refined before being built into the Council’s next Medium Term Financial Plan.

(c)  That it be noted that a further, updated report, was due to be presented to Council in September to reflect the financial implications of the planned university and Annual Business Plan for ip&e.