Issue - meetings

To receive a report by the Head of Financial Services

approved the approach, stages and timing for the review and approval of the financial strategy, 2009/2010 budget and the 2009 - 2014 Medium Term Plan. Agreed that Executive Councillors and Senior Officers should be reminded of the need to review all Budgets and Medium Term Plan schemes to identify further opportunities for efficiency savings.

By way of a report by the Head of Financial Services (a copy of which is appended in the Minute Book) the Cabinet considered the approach, stages and timing for the review and approval of the financial strategy, 2009/2010 budget and the 2009 - 2014 Medium Term Plan.

Having been advised that the proposals had been supported by the Overview and Scrutiny Panel (Corporate Governance), the Cabinet

RESOLVED

(a)  that the timetable and stages for considering amendments to service plans, the financial strategy, budget and Medium Term Plan be approved; and

(b)  that Executive Councillors and Senior Officers be reminded of the need to review all Budgets and Medium Term Plan schemes to identify further opportunities for efficiency savings.

To consider a report by the Head of Financial Services on the Budget and Medium Term Plan (MTP) process, prior to its consideration by the Cabinet.

(Councillor T V Rogers, Executive Councillor for Finance and Environment, was in attendance for this Item).

Consideration was given to a report by the Head of Financial Services (a copy of which is appended in the Minute Book) on the approach, process and timing for the review and approval of the financial strategy, the 2009/10 budget and the 2010/14 Medium Term Plan (MTP).

By way of introduction, the Executive Councillor for Finance and Environment referred to the Council’s financial performance in previous years, likely future inflation trends and Executive Councillors’ role in compiling the budget in the current year. The Panel then were informed of the order of required additional income or reduced spending in 2009/10 and in subsequent years, in order to balance the budget. The Executive Councillor for Finance and Environment emphasised the need for ongoing efficiency savings to be identified throughout the Council and made assurances that Executive Councillors would consider all future MTP bids critically in light of the Council’s current financial position.

The Director of Commerce and Technology drew Members’ attention to future years’ forecast variations from the current year’s budget and the reasons therefor. He also outlined the projected income, planned use of resources and additional savings that would be required in the period to 2012/13. A number of anticipated financial receipts were expected over the course of the year, which had been included in next year’s budget. The Panel were advised that these funds meant that the Council would not have to change its service plans.

In response to a question by the Chairman on the financial implications of the Council’s Environment Strategy, the Head of Financial Services reported on the provision for it that had been included within the MTP for the current year and in the following two years.

Following a question by a Member concerning the impact of increased fuel costs on the Council, the Panel were advised that efforts were being made across the Council to enhance energy use efficiency. Changes in the cost of fuel would be factored into inflation calculations in September for use in future forecasting.

The Chairman encouraged Members to forward to Officers suggestions for spending adjustments before September 2008. Having been informed of the process for the review of the financial strategy, the Panel expressed support for the proposed budget and MTP. Whereupon, it was

RESOLVED

  that the Cabinet be recommended to:

(a)  approve the timetable and stages for considering amendments to service plans, the financial strategy, budget and MTP; and

(b)  confirm the importance of identifying efficiency savings across the Council.