To agree the draft medium term financial strategy for 2015/16 to 2016/17 and the 2015/16 revenue budget for recommendation to Council on 6 February 2015.

THAT:

(a)  the following be recommended to Council:

                       i.       approval of the revenue budget as set out in appendix 2;

                      ii.       approval of a council tax increase of 1.9% in 2015/16, therefore rejecting the 2015/16 council tax freeze grant, this will result in a band D council tax level of £1,275.10,

                   iii.        approval of the medium term financial strategy shown in appendix 4 ;

                   iv.        approval of the treasury management strategy for 2015/16 shown in appendix 5; and

(b)  it be noted that the council is projected to spend within its budget for the 2014/15 financial year.

The council has a legal obligation to set a balanced budget and Cabinet is responsible for developing proposals for recommendation to Council in line with the budget and policy framework rules within the constitution.

It is open to Cabinet to amend the proposals; but any amendments to increase expenditure in one area must be accompanied by compensating savings elsewhere to ensure the budget is balanced.