Agenda item

That the latest position on the Council’s Medium Term Financial Strategy for 2018-2022 as set out in the report be noted.

The Service Lead Finance introduced a report that updated on changes to the Medium Term Financial Strategy (MTFS) 2018-2022 since the previous report to Cabinet in July 2018.

The MTFS set out the Council’s updated financial plans and the context for the 2019/20 revenue budget, incorporating the guiding principles that had been agreed including seeking to increase financial reserves to the unitary average of circa £30m over the next four years and using Slough Urban Renewal profits firstly to increase reserves and then to fund one off growth initiatives.

The key changes since the July report were summarised which included an increase to the Council taxbase following a review of households deemed ‘long term empty’; an increase in costs due to the new local government pay spine regulations; and a review of the directorate growth and pressures for 2019/20.  A initial series of Star Chambers for each directorate had being held to identify further growth and savings which would impact on the MTFS.  The current funding gap for the 2019/20 revenue budget was £3.2m and further work was being undertaken with proposals due to come back to Cabinet in December 2018.

The Leader commented on the scale of budget pressures given the ongoing financial challenges facing local authorities and welcomed the detailed ongoing work to close the financial gap in a balanced and well managed way.  At the conclusion of the discussion, the report was noted.

Resolved –  That the latest position on the Council’s Medium Term Financial Strategy for 2018-2022 as set out in the report be noted.