Decision details

The Business Manager – Financial Services presented a report concerning the Medium Term Financial Plan (MTFP) for 2019/20-2022/23. A copy of the MTFP was attached as an appendix to the report.

The MTFP was a Corporate Plan to assist both Members and Officers to manage the Council’s finances within a clear framework. It set out the Council’s spending plans to support its strategic priorities over the current financial year and the following three years and detailed how that spend would be funded through grants, fees and charges, local taxation, reserves and other income.

The MTFP showed that whilst the Council managed to balance the budget for 2019/20 because of prudent decisions made in the past, future funding of its services would depend on its ability to raise additional income, otherwise it would need to make up funding gaps by increasing Council Tax or/and depleting its general fund reserves.

The MTFP was due to be refreshed during June 2018 to reflect the expectations of future income and expenditure however this was deferred to enable strategic input form the new Chief Executive and Leader of the Council.

AGREED (unanimously) that:

(a)                           the Medium Term Financial Plan for 2019/20 to 2022/23 be recommended to Council for approval; and

(b)                           Council approve the change in the minimum level of General Fund Balance, as set out in paragraph 1.8 of the Medium Term Financial Plan, from a 15% of Net Budget Requirement to a fixed balance of £1.5m.

Reason for Decision

To provide a framework to support the Councils future spending plans.