Decision details

The Finance Portfolio Holder presented a report setting out the implications and challenges of the Financial Strategy and forecast for the period from 2017/18 to 2020/21.

The financial forecast illustrated the need to make continued savings and increase income if the Council was to achieve financial sustainability going forward. Whilst the Government, in December 2015, had released a 4 year settlement to Councils to enable financial planning, uncertainty around the changes to business rates in 2019/20 and concerns about the percentage that the Council would get in the proposed 100% localisation of business rates created difficulties for financial projections/planning.

The Strategy proposed a number of measures aimed at addressing potential financial challenges and setting the direction of travel rather than authorising specific actions.

The Executive noted Member concerns on possible impacts from leaving the European Union, market fluctuations and the appointment of a new Government. The £100,000 projected saving from the proposed reduction in the number of Members was also queried.

Whilst agreeing on the need to re-assess the projected £100,000 saving, Members noted that the Medium Term Financial Strategy would be monitored, with the impact of the potential uncertainties kept under constant review.

Resolved, that

(i)      the Financial Strategy be noted; and

(ii)     the adoption of the Medium Term Financial Strategy be recommended to the Council.