Decision details

Consideration was given to a report setting out the latest medium term financial forecasts for the Council and highlighting those areas that needed further attention by Members in setting an appropriate Financial Strategy for 2013/16. 

The five key measures supporting the balancing of the financial position over the medium term, and considered by the Council in its budget setting, were set, these being Challenge financial assumptions; Review local taxation; Manage reserves; Manage cost drivers and Manage income.  The report included a timetable of the key stages in developing the 3 Year Council Plan and Financial Strategy; the public facing dialogue would be accompanied by extensive communication and engagement with elected Members and staff over the same period.

RESOLVED

1.    That the unprecedented scale and nature of the financial challenge facing the Council over the next 3 years and beyond be noted.

2.    That the financial assumptions which are under consideration by elected Members as part of the Council’s budget setting process for this 3 year period be noted.

3.    That approval be given to the proposed approach to balancing the Council’s medium term budget, using five key measures and applying ‘Our principles to underpin budget decisions’ as introduced in the 3 Year Council Plan for 2013-2016.