The report to Cabinet forms part of the council’s formal Budget and Policy Framework. This requires Cabinet to initiate and propose service proposals and updated assumptions to set a balanced and sustainable budget for the financial years 2019/20 to 2021/22. There is a legal requirement to set a balanced budget for 2019/20. The purpose of this report is to:
· Recommend that Cabinet approve the Tranche One service proposals.
· 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 resources required, to undergo project work to develop and implement new transformational strategies, which will unlock future financial benefits for the council.
· 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.
Decision type: Key
Decision status: Recommendations Approved
Notice of proposed decision first published: 16/07/2018
Decision due: 16 Jul 2018 by Cabinet