Budget Consultation - Medium Term Financial Strategy 2017/18 to 2020/21
The council has consulted on proposals for the Medium Term Financial Strategy 2017/18-2020/21(MTFS) which supports the delivery of Council’s priorities. All feedback received will be considered before finalising the Budget Strategy at the 24 January 2017 Cabinet meeting.
The Medium Term Financial Strategy sets out how we plan to use our resources to support the council plan priorities of Preparing for controlled and sustainable growth, Improving residents’ quality of life and Supporting those that need it which are outlined in the Council Plan 2016 to 2020 and can be found on our website.
The council’s focus over the Plan period is to lay strong foundations that will shape the way the borough grows over the next 25-30 years and deliver opportunities for all communities. The council aims to ensure residents and future generations continue to enjoy an excellent quality of life and environment, which well planned growth can secure.
The prevailing context in which we are working to deliver our priorities is challenging - the main grant that the council gets from the government towards running its services will be cut by 49% next year and has reduced by 82% (£3.3m) over the last 5 years and interest rates are at an all-time low affecting the return achieved on our investments, yet demands for services continue to grow.
This consultation is about proposals around our approach to savings, income generation and spending. We are planning ahead for four years so that we can manage resources effectively in the longer term.
We need to make difficult decisions about how we balance budget pressures and the potential funding gap in the medium term to ensure future growth and the benefits this will bring are secured.
The consultation has now closed, but you can find still read full details about the Medium Term Financial Strategy.
The summary of consultation results will be provided in conjunction with the related Cabinet report towards the end of January 2017.