Issue - meetings

** Please note appendix 2 to this report will follow as it is being reviewed and finalised **

Report of Director of Resources

Purpose of report

This report sets out the latest Medium Term Financial Strategy (MTFS) for the council for the 5 year period from 2015/16.  It sets the scene and is based on current assumptions which will inform the budget setting process for 2015/16 and the longer term decisions of the council.

Recommendations

The meeting is recommended:

1.1      To note the contents of the report and the current MTFS position for the council. 

Resolved

(1)          That the contents of the report and the current MTFS position for the council be noted.

The Director of Resources submitted a report which set out the latest Medium Term Financial Strategy (MTFS) for the council for the 5 year period from 2015/16. It set the scene and is based on current assumptions which will inform the budget setting process for 2015/16 and the longer term decisions of the council.

Resolved

(1)          That the contents of the report and the current MTFS position for the council be noted.

Reasons

The above represents the start of the budget process and consideration of the future financial environment and the decisions which will need to be taken by the council. At present, the Executive is asked to note the current position but this will be subject to further reports as the budget strategy and preparation of the budget continues.

In order to address the scale of the deficit set out in this report it is likely that there will need to be a fundamental change to the Council’s budget strategy and this work will and change in strategy will feed into the detailed budget process for 2015-16.

Alternative Options

Not to consider the current position. This is not recommended as it is important that medium term financial decisions are considered at the earliest opportunity to ensure the council’s finances are resilient and robust.