Issue details

Medium Term Financial Strategy 2015/16 to 2024/25

Cabinet received a report as part of the Council’s agreed process within the Annual Budget Framework that required Cabinet to consider the Council’s budget and financial strategy and to set provisional cash limits for the forthcoming year.

 

The purpose of the report was to:

 

·         update Members on the likely financial situation of the Council, both within the current and future financial years;

·         to outline national issues which would need consideration within the medium term financial strategy for 2015/16 onwards, including funding consultations; and

·         to outline the approach to the budget process and budget consultation.

 

Cabinet considered the report and RESOLVED:

 

1.    To note the financial pressures in the current financial year, the continuing work by CMT to deliver a balanced budget, and that the financial pressures widen the budget gap in 2015/16;

2.    To note that the current local government funding consultation and continued uncertainty on future years’ government funding for local authorities increases the uncertainty of the Council’s Medium Term Financial Strategy; and

3.    to approve the approach proposed for the budget process, including provisional resource cash limits, and that Cabinet will agree the approach to consultation with the cross party Budget Working Group, exploring the options to commence consultation at the earliest opportunity.

 

Decision type: Non-key

Decision status: For Determination

Notice of proposed decision first published: 22/09/2014

Decision due: 22 Sep 2014 by Cabinet

Lead member: Cabinet Member for Resources

Lead director: Acting Corporate Director Resources

Contact: Steven Pilsworth, Service Director Financial Services Email: steven.pilsworth@peterborough.gov.uk: Tel: 01733 384564 Email: Steven.Pilsworth@peterborough.gov.uk Tel: 01733 384564.

Decisions

Agenda items