Issue - meetings

To submit a report by the Head of Function (Resources)/Section 151 Officer.

It was resolved to note the contents of the plan and to approve the assumptions made.

The report of the Head of Function (Resources) and Section 151 Officer incorporating the Medium Term Financial Plan for 2017/18 to 2019/20 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the Medium Term Financial Plan (MTFP) presents a clear and professional analysis of the likely financial situation in the medium term and sets out a budget strategy over the next three year period along with the assumptions that will be taken forward to the annual budget setting process. As regards the funding gap between the estimated standstill budget (as at Table 6 of the report), and the estimated funding available (as at Table 8 of the report) it is projected that it will be necessary to identify savings in the region of £8.13m over 3 years from service budgets, totalling £104.5m (2016/17 budget) equating to savings of 7.8% over three years (Table 9 of the report). It is anticipated that the situation will become clearer once the local government settlement is announced by Welsh Government in the coming weeks.

The Head of Function (Resources) and Section 151 Officer confirmed the Portfolio Member’s comments and said that it is difficult to map out the financial position over the next three years with any certainty; however, it is hoped that the publication of the local government settlement shortly will clarify the position for the coming financial year as well as providing guidance for the subsequent two years. While the MTFP will be revised in the light of new information received, it shows at this point in time where the Authority anticipates it will be financially in the medium term; the assumptions made and the basis for them.

It was resolved to note the contents of the report and to approve the assumptions made.