34 Medium Term Financial Strategy 208/19 to 2022/23 PDF 230 KB
Report of the Strategic Director, Corporate Resources
Additional documents:
Minutes:
Consideration has been given to recommending the Council to approve the Medium Term Financial Strategy (MTFS) 2018/19 to 2022/23 and the outcome of a review of Council Reserves. |
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RESOLVED - |
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That the Council be recommended to: |
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(i) |
Approve the Medium Term Financial Strategy for 2018/19 to 2022/23 including the proposed MTFS principles as set out in the report. |
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(ii) |
Note the outcome of the review to both general fund and strategic earmarked Council reserves and approve; |
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a. the renaming of the Development Pool Reserve to Workforce Development Reserve and the increased scope of the reserve to include training and development to support activity within the workforce plan;
b. the increase in the scope of the deployment of the Economic Growth Reserve to include culture, place shaping and the facilitation of housing growth within the Borough;
c. the creation of a new Strategic Revenue Investment Reserve of £4.206m from the £2.897m Airport Dividend and the £1.309m former Strategic Change Reserve;
d. the creation of a new Voluntary Sector Reserve using £0.500m earmarked from the general reserve to support development and activity in this sector;
e. the creation of a new Anti-Poverty Reserve using £1.000m earmarked from the general reserve to mitigate the impact of poverty and social exclusion; |
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(iii) |
Note that the Strategic Director, Corporate Resources, following consultation with the Chief Executive, will continue to produce and monitor on an annual basis, a rolling programme of five-year budget forecasts taking account of the key issues facing the Council. |
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The above decision has been made for the following reasons: |
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(A) |
To contribute to the good financial management practice of the Council. |
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(B) |
To assist the financial sustainability of the Council over the medium to long term. |