Purpose

To provide the Cabinet with an update on the current year’s predicted spending against budget and an outline of future financial prospects.

Decision

RESOLVED that

i.       the Council’s predicted current year financial position summarised in Table 1 is noted.

ii.     the predicted impact of the proposed Fair Funding 2.0 reforms and the responses submitted to the Government’s consultation on the reforms by officers and Councillors representing all Political groups is noted.

iii.    the Council’s predicted medium-term financial prospects based on the assumptions detailed in the report and summarised in Table 2 is noted.

iv.    the proposed strategic response set out in paragraphs 6.30 to 6.33 to address the projected budget gap of £18.75m over the three years to 2028/29 is endorsed.

Reasons for the decision

The recommendations are intended to ensure that the Cabinet is aware of the

Council’s current and predicted future financial position.

Alternative options considered

None – the Council needs to plan to set a balanced budget within the level of

resources available each year.