The Executive Meeting considered an update on the forecasts for the Council’s finances for the period 2014/15 to 2016/17 and agreed that
· the recent announcements in the March Budget and Comprehensive Spending Review and their impact on the local government sector, in particular, the planned reductions in local government expenditure and their impact on Settlement Funding Assessments be noted;
· the financial forecasts for 2014/15 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;
· the adjustments to the medium term financial plan proposed at this stage as set out in the tables at paragraphs 3.3 and 4.2, including reducing the council tax increase assumption from 2.5% to 2% per annum for planning purposes be approved;
· the indicative cumulative savings requirement for 2015/16 of £21.705m and £36.319m for 2016/17 along with the sensitivity analyses included at Appendices One and Two be noted;
· the steps necessary to propose a final balanced budget for 2014/15 and an updated Medium Term Financial Plan to 2016/17 for presentation to the Budget Council meeting on 27 February 2014 be taken.