Issue - meetings

As per the recommendation.

            The Head of Finance introduced a report which provided an overview of the Council’s approach to strategic financial planning and reminded Members of the financial challenges which provided the backdrop to the financial planning environment.  The report also provided an update on the development of the Medium Term Financial Plan (MTFP) 2013/14 - 2017/18 and the planning for the 2013/14 revenue budget and 10 year Capital Strategy.

            The Head of Finance provided a detailed update on the drivers for the development of the MTFP and strategic financial planning which covered the following areas:-

·         Financial Planning Framework

·         Financial Challenges

·         Value for Money

·         Funding

·         Costs

·         Efficiencies

Detailed budget planning for 2013/14 was being carried out in accordance with the financial planning and operating principles set out in the Medium Term Financial Strategy (MTFS) and utilises the forecasting model detailed within the report.  The budget timetable for 2013/14 was attached at Appendix 1 of the report.

The Leader of the Council thanked the Head of Finance for providing a detailed report and the Cabinet Members for the work they had been undertaking in planning for the 2013/14 budget setting.  He commented on the financial challenges ahead and suggested that a summary report on the future financial projections for Wales, considered during a recent Welsh Local Government Association (WLGA) conference, be shared with Members.  He gave a commitment that work would continue to identify efficiencies in order to protect front line services.

RESOLVED:

That the report be noted.