The Executive considered two reports (i) proposing a realignment and consolidation of the Council’s reserves and development of a Reserves Policy, as well as the principals for a summer review of the current assumptions underpinning the Medium Term Financial Plan, and (ii) the principals that would frame how the Executive would engage with stakeholders about how it proposes to address future financial challenges. It then agreed that:-
(1) in relation to the Medium Term Financial Plan Update:-
· approval be given to a Medium Term Financial Plan (MTFP) summer review being completed with updates to the MTFP to be reported back to the Executive in October;
· the need for the Council to complete and submit an Efficiency Plan to DCLG by 14 October to accept the four year settlement be noted;
· the outcomes of the Borough Treasurer’s review of reserves be noted.
· the proposed 2016/17 Reserves Policy be noted.
(2) in relation to the Addressing the Medium-Term report:-
· a summer review of the assumptions underpinning the Medium Term Financial Plan be requested;
· all councillors be engaged on the approach outlined above through scrutiny and area committees and other local structures;
· that area committees be requested to encourage and provide opportunities for the public to comment on the underpinning principles in the public engagement part of their agendas;
· officers be requested to continue to develop a programme based on the framework outlined, in response to the Medium Term Financial Plan; and,
· comments be sought from the next Scrutiny cycle on the proposed Reserves Policy.