The Council’s financial position was virtually unprecedently challenging and would remain so for several years. The position was forecast to improve considerably in the next five years, via the divestment of assets, the implementation of a challenging savings programme, working differently and service delivery changes. The report presented the council’s financial position.

The following points were raised:

·       There was no option but to approve the report.

·       This was a clear strategy document for all members to see.

·       There was no clear route to set the budget without Government support.

·       Labour welcomed and would support the recommendation.

Members voted to approve the recommendation with 46 votes in favour, 0 votes against and 2 abstained votes.

RESOLVED

That Council approved the Medium-Term Financial Strategy (MTFS) and in doing so agreed the financial targets summarised in paragraph 1.3; the financial assumptions / deliverables as summarised at paragraph 1.4 to 1.7; that if any of the above targets or assumptions adversely vary, alternatives to the same timescale and value would need to be identified and implemented; the treatment of the MRP calculations was based on recent KC guidance and was subject to approval from the Councils auditors and there was an inherent risk that these numbers could change.