Members were reminded that the Medium Term Financial Plan (MTFP) set out the key financial management principles and budget assumptions.  It was then used as the framework for the detailed budget setting process to ensure that the Council’s resources were managed effectively in order to meet its statutory responsibilities and deliver the priorities of the Council, over the medium term.

At its meeting on 14 January 2015, the Finance and Resources Committee received information on initial funding and proposals for the MTFP.  In accordance with the Budget and Policy Framework, these initial proposals were presented to Audit & Scrutiny for their consideration.  The report before Members considered and responded to the feedback from Audit & Scrutiny.

The report also updated the figures for changes made since January which were a direct result of the on-going work by the Finance Team to review and refine the MTFP figures.

Cllr Aspinell MOVED and Cllr Lloyd SECONDED the recommendations in the report and after a full discussion it was RESOLVED that:

1.   Members note the updated position of the MTFP.

2.   An outline Strategy be prepared to support final budget proposals to Council, which provides information on how the funding gaps will be addressed.

3.   Finance and Resources support the proposal from Audit & Scrutiny for them to commence their Budget Review work in September to include a service review of existing budgets.

4.   Members consider the financial position of the Council when proposing a level of Council Tax for 2015/16.