The Deputy Chief Executive submitted a report which set out the principles and assumptions underlying the proposed financial strategy covering the years 2015/16 to 2016/17. It was noted that the financial strategy would provide the framework for the preparation of the 2015/16 initial budget proposals which were scheduled to be presented to Executive Board in December 2014.
In considering the proposed medium term financial strategy, the Board discussed the national context specifically in respect of the cumulative funding reductions which had been experienced by the Council to date, together with the indicative financial settlement proposals for 2015/16. Members also gave consideration to a range of issues relating to the Government’s current funding model for Local Authorities and looking to the future, highlighted the unprecedented financial challenge that the Council faced.
RESOLVED – That the Medium Term Financial Strategy for 2015/16 - 2016/17 be approved, and that the assumptions and principles outlined in the submitted report be used as a basis for the detailed preparation of the Initial Budget Proposals for 2015/16.