Item 5.5

Executive

 

25th October 2005

 

Draft Extract

 

EXE 97

First Draft of the Medium Term Financial Forecast (MTFF) IV and key budget principles and assumptions (Agenda Item 12(3))

The Chairman ruled that a report on this matter be considered as an urgent item because the First Draft of the MTFF must be approved by the Executive and then incorporated into the Council’s scrutiny process, the meetings for which would start during October 2005. To delay the consultation and scrutiny would impact on the overall timetable of the MTFF process.

 

Councillor Bell and the Director of Finance and Resources presented a report.

 

It was noted that that the Budget process would be led by the Leader of the Council and Councillor Bell.

 

Councillor Bell confirmed that the Executive was aiming for a Council Tax increase of no more that 5%.

 

Non-Executive Members raised questions on the Budget process and the need to identify savings achieved.

 

Councillor Blatchford asked about the lack of provision for the refurbishment of Backwell Pool and the priorities concerning facilities in the area were referred to.

 

Resolved:

 

(1)    that the proposed key budget principles listed in paragraph 3.2 of the report be approved for the purposes of budget planning;

 

(2)    that the first draft of the Council’s MTFF IV, contained in Appendix A of the report, be approved;

 

(3)    that the extensive further work required by the Executive and officers to identify further savings currently estimated to be required, be noted;

 

(4)    that the extreme uncertainty nationally regarding the level and distribution of Central Government grant for 2006/07 be noted;

 

(5)    that the first draft of the MTFF IV be referred to the Policy/Overview and Scrutiny Panels for their consideration and for their contributions as to how to identify the savings required in order to balance the need to achieve corporate priorities with affordability for the taxpayer.