The Leader of the Council (Policy, Finance & Devolution) (Councillor Alex Ganotis) submitted a report (copies of which had been circulated) providing an update on the Medium Term Financial Plan forecasts for the Council’s finances for the period 2017/18 to 2021/22 taking account of the 2017/18 final local government finance settlement published on 22 February 2017.
RESOLVED – That the updated Medium Term Financial Plan forecasts for the Council’s finances for the period 2017/18 to 2021/22 taking account of the 2017/18 final local government finance settlement published on 22 February 2017 be noted.
The Executive considered an update on the forecasts for the Council’s finances for the period 2017/18 to 2021/22 following the provision Local Government Finance Settlement announced in December 2016 and agreed that (subject to the final Local Government Finance Settlement on 20 February 2017)
· the details of the 2017/18 Local Government Finance Settlement and its impact on the MTFP forecasts and assumptions presented in this report be noted;
· the financial forecasts for 2017/18 to 2021/22, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;
· the updated Council Tax Base for budget setting purposes of 92,587.3 Band D equivalent dwellings be approved;
· the indicative budget adjustments as presented in the report be approved;
· the budget reduction requirement for 2017/18 of £5.480m and the indicative cumulative reduction requirement of £20.868m for 2018/19 rising to £52.763m in 2021/22 be noted; and
· the final steps necessary to propose a balanced budget for 2017/18 to the Budget Council meeting on 23 February 2017 continue to be taken.