Issue - meetings

Report number CHFR70 by the Corporate Head, Finance & Resources.

                                                                                                            (Enclosure)                                                                                                                                   

DECISION:

1.                The Council approves the revised Medium Term Financial Strategy for the period of 2007/8 to 2011/12, as attached to report CHFR70 which takes account of annual data changes.

2.                The Council noted that a fundamental review of the strategy will be undertaken taking cognizance of the Comprehensive Spending Review 2007 and the Local Government Financial Settlement to ensure the Council maximises opportunities to deliver on its key priorities and overall objective to become a brilliant Council

Before the Council was report number CHFR70 on the Medium Term Financial Strategy. The recommendations in the report were moved and seconded. The Corporate Head, Finance and Resources presented the report. The Strategy was a five year document that needed to be reviewed regularly to ensure that it was fit for purpose. Members were advised that there would be the need to achieve 3% cashable savings each year for three years. It was likely that savings would be calculated based on the Council’s net service cost. External contracts and mandatory spending would mean that efficiencies of 4.6% efficiency savings would need to be achieved in areas of spending over which the Council had control.

The Medium Term Financial Strategy would provide a framework for all other strategies coming forward, including the People Strategy. A vote was taken on the motion, which was carried.