Issue - meetings

(Report of the Assistant Director Finance to be introduced by the Cabinet Member for Finance and Carbon Reduction). To set out the strategic financial issues for the three year period to 2015/16 and to propose a process for setting the Council’s 2013/14 Budget and Medium Term Financial Strategy to 2015/16.

Cabinet considered a report that set out the financial issues for the three year period to 2015/16 and the proposed process for setting the Council’s 2013/14 Budget and Medium Term Financial Plan (MTFP).  The report also drew member’s attention to further anticipated   cuts in government funding in years 2015/16 and 2016/17 which local authorities would also have to contend with and make plans for.

The Cabinet noted that the closing date for applications to the One Borough One Future fund was Friday July 13^th. There had been positive and significant interest in the scheme which had attracted a considerable number of applications. These would now begin to be analysed and processed in the coming weeks.

RESOLVED:

1. That the forecasts and changes to the funding context set out in the report be noted.

2. That Directors should identify draft proposals to save £12.5m in both 2013/14 and 2014/15 to deliver a balanced MTFP for consideration by Cabinet on 13 November 2012.

3. That the draft process, as set out in the report and the timescales detailed in Section 10 of the report, be endorsed.

4. That the potential for further real term cuts in funding of 8.2% and 6.2% in 2015/16 and 2016/17 respectively, equating to an estimated further reduction of £11.6m in government support be noted.