Issue - meetings

Report number CHFR116 by the Interim Corporate Head of Finance (Section 151 Officer)                                                (Enclosure)

DECISION:-

(1)          To approve the revised medium term Financial Plan for the period 2008/09 to 2010/11, as detailed in report CHFR116;

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

(3)          To note that, following public action, an updated Plan will need to take into consideration the findings of the newly revised Housing Revenue Account business forecast model.

Council had before them report CHFR116 of the interim Corporate Head of Finance on the Council’s Medium Term Financial Plan, which brought together the financial position of the Council and demonstrated how its revenue and capital financial resources were organised in order to deliver the Councils priorities.

The Plan had been reviewed to take account of current economic factors, current spending pressures, the Governments efficiency target agenda and the three year grant settlement as well as the financial outturn position for 2007/08 and the approved revenue and capital budgets for 2008/09.

In respect of the Housing Revenue Account (HRA), its financial modelling and forecasting would need to be fundamentally reviewed to prevent the HRA falling into deficit in the short term. In response to a members question it was clarified that the Leisure Trust was only regarded as a financial risk because it had not yet been established.

Councillor Craft advised that the question of car parking charges in Bourne would be considered at the next meeting of the Resources Policy Development Group on 9^th October 2008.

The motion was duly proposed, seconded and carried.