The Executive Meeting considered an outline of the prospects for the Council’s finances for the medium term, taking the 2012/13 revenue budget as the starting point and including forecasts for 2013/13 to 2016/17 and agreed that
· the financial position for 2012/13 as detailed in the Corporate Performance and Resources Report - 2012/13 First Quarter be noted;
· the outlook for local government finance, and in particular the overview of the set up and operation of the new business rates retention scheme as detailed in the report 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 as detailed in the report be noted;
· the 2013/14 starting point set out in Appendix One of the report and the adjustments and the resultant indicative spending plans as set out in Appendix 3 be approved;
· the indicative cumulative savings requirements for 2013/14 of £11.827m and £24.217m for 2014/15 along with the sensitivity analysis included at Appendix 4 of the report be noted.