Decision details

·         Recommend that Cabinet approve the Tranche Two service proposals for consultation.

·         Recommend that Cabinet approve the budget assumptions to update the Medium Term Financial Strategy (MTFS), to ensure estimates reflect the most up to date information available.

·         Outline the financial challenges facing the council in setting a sustainable and balanced budget for MTFS 2019/20-2021/22.

·         Outline the progress and development on the delivery of the shared services programme with Cambridgeshire County Council and other partners. The delivery of this programme will allow the council to work differently and more efficiently, which will unlock financial benefits to enable the council to continue to provide the services which are important to Peterborough residents.

·         Outline the approach the Council is taking to close the budget gap over the three year budget planning horizon to deliver a sustainable budget.

·         Outline potential avenues the Council is considering pursuing to ensure future budget sustainability.

Cabinet considered the report and RESOLVED to approve:

1.    The Tranche Two service proposals, outlined in Appendix E to the report as the basis for public consultation.

2.    The updated budget assumptions, to be incorporated within the Medium Term Financial Strategy (MTFS) 2019/20- 2021/22. These were outlined in section 5.4 of the report.

3.    The revised capital programme approach outlined in section 5.7 and referencing Appendix D to the report.

4.    The Medium Term Financial Strategy 2019/20-2021/22-Tranche Two, as set out in the body of the report and the following appendices:

·         Appendix A – 2019/20-2021/22 MTFS Detailed Budget Position – Tranche Two

·         Appendix B – Local Government Finance Event Timeline

·         Appendix C – Performance Data

·         Appendix D – Capital Programme 2018/19 - 2021/22

·         Appendix E – Budget Consultation Document, including Budget Proposals

·         Appendix F – Equality Impact Assessments

Cabinet RESOLVED to note:

5.    The future strategic direction for the Council outlined in section 5.6 of the report.

6.    The forecast reserves position outlined in section 5.8 of the report.

The Council must set a lawful and balanced budget. The approach outlined in this report work towards this requirement.

No alternative option had been considered as the Cabinet was responsible under the constitution for initiating budget proposals and the Council was statutorily obliged to set a lawful and balanced budget by 11 March annually.