Issue - meetings

Councillor I C Bates, Leader of the Council and Chairman of the Cabinet presented the Report of the meeting of the Cabinet held on 22nd October 2009. 

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Whereupon, it was

RESOLVED

  that the Report of the meeting of the Cabinet held on 22nd October 2009 be received and adopted.

To consider a report by the Head of Financial Services.

noted the financial forecast for the period up to 2018/2019; approved the annuity basis for the calculation of minimum revenue provision as outlined in Annex C and recommended the Financial Strategy for the period up to 2018/19 to the Council.

Further to Minute No. 09/17 and by way of a report by the Head of Financial Services (a copy of which is appended in the Minute Book) the Cabinet were acquainted with the financial forecast for the period up to 2018/2019 together with the deliberations of the Overview and Scrutiny Panel (Economic Well Being) thereon.

In considering the information contained in the report, Members have been informed of potential variations in a number of sources of income and other factors that could affect the Council’s financial position. Having noted the uncertainty created by the current economic climate and the uncertainties for the next financial year, the Cabinet

RESOLVED

  (a)  that the contents of the report be noted;

  (b)  that the annuity basis for the calculation of minimum revenue provision as outlined in Annex C be approved; and

  (c)  that in considering the Financial Strategy for the period up to 2018/19 the Council's attention be drawn to the uncertainty created by the current economic and political conditions and their potential effect on the Council’s financial position next year.

To consider and comment on a report on the Financial Forecast by the Head of Financial Services prior to its submission to the Cabinet.

(Councillor T V Rogers, Executive Councillor for Finance, 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 Council’s position in relation to the Council’s financial forecast for the period to 2018/19.  Members were acquainted with potential variations in a number of sources of income and other factors that would affect the Council’s financial position and their likely effects on levels of reserves and of Council Tax.  Councillor T V Rogers, Executive Councillor for Finance, advised Members that significant savings would have to be found in the period of the forecast.  He also made reference to inflation and government funding.

In the ensuing discussion the Panel made reference to the uncertainty created by current economic and political conditions. Members were advised that in the current year the Council had been able to keep its revenue spending below budget but that it had been necessary to meet a deficit from reserves. In response to a question by a Member, the Panel was informed of the circumstances that had lead to capital expenditure being higher than budgeted. The Panel also discussed the Council’s planned future levels of reserves and projections for inflation, employer contributions to pensions, council tax levels and capping, concessionary fares and disabled grants. While the high level of uncertainty involved was recognised, Members stressed the importance for the Council of undertaking this work and of monitoring changes in these and other factors. Whereupon, it was

RESOLVED

  that the report now submitted be endorsed for submission to the Cabinet and Council.