To provide Cabinet with an update on the Councils MTFP following the Chancellors Emergency Budget Announcements and set the scene for the 2016/17 budget process. (This report was previously titled the as Medium Term Financial Plan 2016/17 to 2018/19).

DECISION

1.    To note the budget adjustments for 2015/16 to reflect new growth pressures and mayoral priorities (paragraph 3.3.4 and 3.3.5).

2.    To note the additional funding secured by the authority through the Local enterprise partnership (LEP)

3.    To agree spending plans that have been approved by the GLA (Appendix 1) (paragraph 3.3.7 to 3.3.10).

4.    To note that through the 2014/15 closure process £7.5m uncommitted new homes bonus (NHB) has been set aside to fund replacement of social housing (paragraph 3.6.6).

5.    To consider options to set aside additional NHB to fund more affordable homes as part of the budget process in 2016/17 (paragraph 3.6.8).

6.    To agree the Strategic Plan for 2015/16 (Appendix 5).

7.    To note that the financial outlook over the MTFP has been extended to include assumptions for 2018/19 and a total savings target of £63m between 2016/17 and 2018/19 is the current working target (Appendix 3).

8.    To note that the financial position is subject to volatility and that development’s in Government policy following SR15 and their implications on MTFP planning assumptions will be monitored closely and reported back at regular intervals during the financial year as part of the budget process.

Action by:

ACTING CORPORATE DIRECTOR, RESOURCES (C. HOLME)

(Service Head, Corporate Strategy and Equality (L. Russell)

(Interim Service Head, Finance and Procurement (B. Scarr)

(Head of Financial Planning & Corporate Business Partner (E. Hussain)