To set out the issues bearing on financial planning for the authority over the next three years and to agree an approach to delivering a medium term sustainable financial position over that period, bearing in mind the risks and unknowns.

DECISION

1.    To note the changes to the draft budget position for 2017-8;

2.    To note the early indications of the financial position 2018-19 onwards, subject to the Autumn Statement and Local Government Finance Settlement;

3.    To note that the financial position is subject to volatility and that developments in Government policy and their implications on MTFS planning assumptions will be monitored closely and reported back at regular intervals;

4.    To agree to accept the Government’s 4 year funding Settlement Offer and delegate authority to the Director of Resources to submit a request for a Four Year guarantee for Tower Hamlets together with an Efficiency Plan;

5.    To agree the consultation approach set out in section 3.20 and appendix 5 to the report;

6.    To agree to commence formal budget consultation with residents, businesses and other key stakeholders and to receive feedback on the consultation at Cabinet in December.

Action by:

CORPORATE DIRECTOR, RESOURCES (Z. COOKE)

(Service Head, Finance and Procurement (N. Murton)