Agenda item

(a)  The Medium Term Financial Strategy and the associated figures and projections contained within the report be noted.

(b)  The savings listed in Appendix A to the report be approved in principle, to allow officers sufficient time to plan and ensure they are able to be implemented, if agreed at Full Council on 21 February 2019, from the start of the next financial year.

The Service Lead Finance introduced a report that updated Lead Members on the Medium Term Financial Strategy (MTFS) 2019/20 to 2022/23.

The revenue budget gap for next year had been reduced from £3.2m to £1.7m since the previous report to Cabinet in October 2018 and further work was underway to close the gap to enable to Council to set a balanced budget in February 2019.  The Cabinet considered the proposed savings in Appendix A to the report.  Each saving was being rigorously assessed through the ‘Star Chamber’ process to ensure they were realistic and achievable.  There were significant pressures on the Council’s budget including temporary accommodation, Schools PFI and home to school transport and provision would be made for these in the budget.

The key announcements from the recent Local Government Finance Settlement were summarised and it was noted that this would result in some additional income to the Council such as through the Berkshire wide Business Rates pilot and New Homes Bonus.  Members also highlighted the potential impact of the NHS 10-year plan and adult social care Green Paper which were both due to be published imminently.

The Cabinet noted the update and agreed to include the proposed savings in the budget to be recommended to full Council in February 2019.

Resolved –

(a)  The Medium Term Financial Strategy and the associated figures and projections contained within the report be noted.

(b)  The savings listed in Appendix A to the report be approved in principle, to allow officers sufficient time to plan and ensure they are able to be implemented, if agreed at Full Council on 21 February 2019, from the start of the next financial year.