The report to Cabinet forms part of the Council’s formal Budget and Policy Framework. This requires the Cabinet to initiate and proposed service proposals and updated assumptions to set a balanced and sustainable budget for the financial years 2020/21 – 2022/23. These is a legal requirement to set a balanced budget for 2020/21/ 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 2020/21-2022/23;
· Outline the strategic approach the Council is taking to close the budget gap over the three year budget planning horizon to deliver a sustainable budget;
Proposals will be agreed by Cabinet at this meeting, on 4 November 2019 and then will be recommended to Council on 18 December 2019 for approval.
Decision type: Non-key
Decision status: Recommendations Approved