Issue - meetings

The first part of this report outlines the outcomes of the Summer Review of the Council’s Medium Term Financial Plan (MTFP). The Summer Review has retested the assumptions and forecasts which underpin the MTFP to ensure they remain appropriate and robust given local and national developments since the Council’s MTFP was approved in February 2017. There continues to be significant risks and volatility to the financial challenges facing the Council over the medium term period which have been considered as part of the review. These risks will continue to be assessed with further updates to the MTFP presented as part of the 2018/19 budget setting process.  

The Cabinet is recommended to:

·         Note the outcomes of the MTFP Summer Review and the revisions to the MTFP assumptions and forecasts;

·         Note the available resources identified to support the MTFP following revisions to the MTFP assumptions and forecasts;

·         Note that the Council’s savings requirement has not been revised using the available resources identified following the completion of the MTFP Summer Review; and

·         Note that the available resources identified will be held to mitigate the impact of the risks identified once known (particularly in relation to pay inflation increase negotiations) and/or reduce the Council’s savings requirement. Updates to the MTFP will be reported to Cabinet as part of the 2018/19 budget setting process.

The first part of the report outlined the outcomes of the Summer Review of the Council’s Medium Term Financial Plan (MTFP). The Summer Review had tested the assumptions and forecasts which underpinned the MTFP to ensure they remained appropriate and robust given local and national developments since the MTFP was approved in February 2017. There continued to be significant risks and volatility to the financial challenges facing the Council over the medium term period which had been considered as part of the review. These risks would continue to be assessed with further updates to the MTFP presented as part of the 2018/19 budget setting process.

RESOLVED – That in relation to the Medium Term Financial Plan Summer Review the following be noted:

(i)        the outcomes of the MTFP Summer Review and the revisions to the MTFP assumptions and forecasts;

(ii)       the available resources identified to support the MTFP following revisions to the MTFP assumptions and forecasts;

(iii)      the Council’s savings requirement had being revised using the available resources identified following the completion of the MTFP Summer Review;

(iv)      the available resources identified would be held to mitigate the impact of the risks identified once known (particularly in relation to pay inflation increase negotiations) and/or reduce the Council’s savings requirement;

(v)       updates to the MTFP would be reported to Cabinet as part of the 2018/19 budget setting process.