Note – the original report was withdrawn and the Mayor approved the reasons for urgency for the replacement report.

DECISION

1.    To note the budget position for 2014/15.

2.    To agree the Strategic Plan for 2014/15 (Appendix 1).

3.    To note that the financial outlook for 2015/16 remains unchanged from what was reported in March 2014 and savings of £28.4m will be required to deliver a balanced budget for that year.

4.    To note that the financial position is subject to volatility and that development’s in Government policy 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.

5.    To note that current budget assumptions will be refreshed and that the MTFP will be extended to include projections for 2017/18 and 2018/19 as further iterations are reported to Cabinet.

Action by:

CORPORATE DIRECTOR, RESOURCES (C. HOLME)

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