Issue - meetings

Report number CHFR113 by the Interim Corporate Head, Finance.

                                                                        (Attached)

DECISION:

(1)           To recommend to Council the approval of the revised medium term financial plan for the period of 2008/09 to 2010/11 as appended to report CHFR113;

(2)           To note that an annual review of the plan will be undertaken to reflect the local and national economic climate and emerging issues;

(3)           To note that following publication, an updated plan will need to take into consideration the findings of the newly revised housing revenue account business forecast model.

Considerations/Reasons for decision:

(1)            Report number CHFR113 and appended documents prepared by the Interim Corporate Head of Finance explaining how the medium term financial plan (MTFP) brings together the Council’s financial position and demonstrates how the revenue and capital financial resources are organised in order to deliver the council’s priorities;

(2)            The MTFP needs to be kept under constant review and updated annually to ensure it remains fit for purpose, taking into account current economic factors, spending pressures, the Government’s efficiency target agenda, and the three year grant settlement;

(3)            The long term financial planning of the housing revenue account will be undertaken to reflect both the updated HRA business plan and the outcome of the stock condition survey.  Opportunities for securing the long term financial sustainablility of both the revenue and capital budget will need to be identified and incorporated into HRA service planning;

(4)            Noting that, in relation to the cost of running the concessionary travel scheme, the county travel administrators have confirmed that the first quarter figures on take up will not be available until September and it will not be possible to use these as a basis to forecast where the Council’s future position will lie as a) the first month will not be a sound indicator of future take up, and b) the figures will need to be subject to sensitivity analysis.

Other options considered and assessed: None – the MTFP needs to be reviewed to ensure it remains fir for purpose.