Issue

Issue - meetings

Medium Term Financial Strategy (MTFS) Update (February 2019)

Meeting: 05/02/2019 - Policy, Finance & Development Committee (Item 57)

57 Medium Term Financial Strategy (MTFS) Update (February 2019) pdf icon PDF 159 KB

Report of the Director of Finance & Transformation / Section 151 Officer

Minutes:

The Committee received the report as set out on pages 19-28 of the agenda, which asked it to note the projected General Fund Base budget position for 2019/20 and to consider the draft Capital Programme for 2019/20.

 

The Committee commended the Council’s continued prudent approach to balancing its finances and welcomed the risk-averse approach to managing reserves in order to provide long-term stability to the authority. It was noted that many local authorities were continuing to draw down on reserves in order to balance their budgets, an approach which is ultimately unsustainable.

 

The Committee stated that it was disappointing that Local Government continued to remain largely in the dark with respect to funding post 2019/20, as a result of a lack of clear direction from Central Government.

 

It was moved by the Chair, seconded by J Kaufman and

 

RESOLVED THAT:

 

(i)       The overall draft Medium Term Financial Strategy and budget for 2019/20 be recommended in principle, subject to a further report to Full Council on 21 February 2019; and

(ii)     The levels of reserves outlined in the report be approved.

 

Votes For                  10

Votes Against          0

Abstentions             2