Issue - meetings

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.

RESOLVED -

That the Council be recommended to:

(i)

Approve the Medium Term Financial Strategy for 2018/19 to 2022/23 including the proposed MTFS principles as set out in the report.

(ii)

Note the outcome of the review to both general fund and strategic earmarked Council reserves and approve;

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;

(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.

The above decision has been made for the following reasons:

(A)

To contribute to the good financial management practice of the Council.

(B)

To assist the financial sustainability of the Council over the medium to long term.