The Executive considered an update on forecasts for the Council’s finances for the period 2015/16 to 2018/19 and have agreed that
· the recent announcements in the Autumn Statement and their potential impact on the planned reductions in local government expenditure and Settlement Funding Assessments be noted;
· the financial forecasts for 2015/16 to 2018/19, 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 set out in the tables at paragraphs 3.2 and 4.2 be approved;
· the indicative cumulative savings requirement for 2015/16 of £17.7m, £38.8m for 2016/17 rising to £66.2m by 2018/19 along with the sensitivity analysis included at Appendices One and Three be noted;
· that Executive Councillors and Corporate Directors be requested to continue to develop their spending plans and savings proposals to address the budget requirements for 2015/16 and to report on progress;
· the steps necessary to propose a balanced budget for 2015/16 be taken and an updated Medium Term Financial Plan for presentation to the Budget Council meeting on 26 February 2015.