Decision details

The committee received a report providing the financial position as at 30^th June 2016, the latest position in respect of the County Council's reserves and the County Council's updated financial outlook (Medium Term Financial Strategy) for period 2017/18 to 2020/21.

It was reported that there was currently forecast a small overspend, but that it was anticipated that this would be brought back to within budget by the end of the year. In relation to the medium term strategy and the reserves position, it was reported that the funding gap has reduced to £147.944m, the reduction on the previously reported position being principally due to the new assumption, not previously made, of a Council Tax increase (including the Social Care precept) of 3.99% per year. It was emphasised that, by 31st March 2018,the County Council is expected to have reserves available of £21.772m, with the total current reserve essentially already committed or required to meet the budget shortfall in 16/17 and 17/18.

In the debate which followed, County Councillor Alan Schofield spoke in accordance with Standing Order 19(1)

Resolved:That therecommendations setout inthe reportto Cabinetbe noted,and thatno additional commentsor suggestedalternative recommendationsbe made