To consider and comment on the draft Medium Term Financial Plan set out in paragraph 6 and Appendix 1 of the report, in the context of the Spending Review 2013.

To consider the financial outlook and medium term projections set out in this report and agree that, on this basis, no immediate action is required to develop additional savings for 2014/2015.

To note that the financial position is subject to many unknowns and that officers will monitor the financial position closely and report to the Corporate Management Team and the Mayors Advisory Board for Strategic and Resource Planning during the financial year on developments in Government policy and their implication on the medium term financial plan.

To agree that officers, after consultation with the Mayor and Lead Member for Resources continue to develop further spending reduction options for the 2015/2016 financial year and the medium term.

Action by:

ACTING CORPORATE DIRECTOR RESOURCES (C. HOLME)

(Interim Service Head for Finance and HR Development (P. Thorogood)

Councillor Alibor Choudhury, Cabinet Member for Resources, introduced the report. He highlighted the sound financial planning that was in place to try and weather the storm of the government’s cuts to the Council’s budget whilst still trying to meet the diverse needs of the borough.

The Mayor agreed the recommendations as set out in the report.

RESOLVED

1.    To consider and comment on the draft Medium Term Financial Plan set out in paragraph 6 and Appendix 1 of the report, in the context of the Spending Review 2013.

2.    To consider the financial outlook and medium term projections set out in this report and agree that, on this basis, no immediate action is required to develop additional savings for 2014/2015.

3.    To note that the financial position is subject to many unknowns and that officers will monitor the financial position closely and report to the Corporate Management Team and the Mayors Advisory Board for Strategic and Resource Planning during the financial year on developments in Government policy and their implication on the medium term financial plan.

4.    To agree that officers, after consultation with the Mayor and Lead Member for Resources continue to develop further spending reduction options for the 2015/2016 financial year and the medium term.