Decision details

The Executive Meeting considered a report on the forecasts for the Council’s finances for the period 2013/14 to 2016/17, following a number of further developments within the local government finance arena since the previous landscape and finance report was submitted to the Executive in August 2012, and have agreed that:-

·         the position for 2012/13 previously reported in the half-year Corporate Performance and Resources Report be noted;

·         the outlook for local government finance and, in particular, the forecast for the forthcoming finance settlement and the additional risks arising from business rates retention and the localisation of council tax support be noted;

·         the financial forecasts for 2013/14 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·         the indicative budget adjustments as set out at paragraph 5.3 and Appendix One be approved;

·         the indicative cumulative savings requirement for 2013/14 of £15.463m and £29.079m for 2014/15 along with the sensitivity analysis included as Appendix Three be noted;

·         the ‘post CSR’ forecasts to 2016/17 along with the sensitivity analysis included at Appendix Four be noted;

·         Executive Councillors and Corporate Directors be requested to continue to develop spending plans and savings proposals to meet the increased indicative savings requirement for 2013/14 and to report on progress; and

·         approval be given to taking the steps necessary to agree a final balanced budget proposal for 2013/14 and an updated Medium Term Financial Plan to 2014/15 for presentation to the Budget Council meeting on 5 March 2013.

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