Issue - meetings

To receive an update on the Medium Term Financial Plan.

RESOLVED that:-

(a)             the budget planning process as referenced in paragraph 15 be approved;

(b)             the timeline for key financial reports during 2019/20 as set out in Appendix A of the report be approved;

(c)             the financial strategy as referenced in paragraphs 28 to 31 and as set out in Appendix C of the report be approved;

(d)             the updated MTFP position and the key financial planning assumptions as set out in Appendix B of the report be noted; and

(e)             the CIPFA Financial Management Code of Practice be noted.

Voting: Unanimous

REASONS

1.               To comply with accounting codes of practice and best practice which requires Councils to have a rolling multi-year medium term financial plan.

2.               To ensure Members prepare to set a balanced budget for 2020/21.

3.               To provide Cabinet with the latest high level overview of the medium term financial plan position for Bournemouth, Christchurch and Poole Council.

4.               To present a proposed financial strategy to support the delivery of a balanced budget for 2020/21.

The Portfolio Holder for Finance submitted a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix ‘B’ to these Minutes in the Minute Book.

In presenting the report the Portfolio Holder for Finance advised that he would be working with finance officers to ensure that the Council is being prudent with their decisions. In relation to this Cabinet were advised that the spending review by the Government was now not likely to start before the summer recess, and that the results of which were unlikely to be announced before Christmas, in which case officers will have 6-8 weeks in order to present a balanced budget.

A number of Members addressed Cabinet raising their concerns with regards to shortening the timescale for Council Tax harmonisation, highlighting the increases which would need to be made particularly in respect of Poole residents to bring Council tax inline within two years.

In relation to this Cabinet stressed the importance of Council Tax harmonisation emphasising that the original seven year plan was too long.

RESOLVED that:-

(a)          the budget planning process, as referenced in paragraph 15 to the report, be approved;

(b)          the timeline for key financial reports during 2019/20, as set out in Appendix A of the report, be approved;

(c)          the financial strategy, as referenced in paragraphs 28 to 31 and as set out in Appendix C of the report, be approved;

(d)          the updated MTFP position and the key financial planning assumptions, as set out in Appendix B of the report, be noted; and

(e)          the CIPFA Financial Management Code of Practice be noted.

Voting: Unanimous