To propose the medium term financial strategy for 2014/15 to 2016/17 and to finalise the 2014/15 revenue and capital budget to be recommended to Full Council on 7 February 2014.

The Leader of the Council introduced the report of the Chief Financial Officer proposing the medium term financial strategy for 2014/15 to 2016/17 and proposals to finalise the 2014/15 revenue and capital budget to be recommended to Council on 7 February 2014.

The Chief Financial Officer provided an overview of the budget proposals in the context of the legal requirement placed on local authorities to approve a balanced budget and in light of significantly reducing government funding.

The Cabinet Member, Corporate Services drew attention to the consultation responses and equality impact assessments and placed on record thanks to all who contributed to these significant pieces of work.

It was noted that the report would be updated before presentation to Council to take account of the decisions taken by Council on 17 January.

RESOLVED:  ThatCabinet recommends to Council on 7 February:

(a)    Approval of the revenue budget set out in Appendix 1; and    

(b)    Approval of a band D council tax of £1,251.32, a council tax increase of 1.9%, therefore rejecting the 2014/15 council tax freeze grant; and

(c)    Approval of the medium term financial strategy shown in Appendix 3 ;

(d)    Approval of the Capital Programme outlined in Section 4.13 of the medium term financial strategy; and

(e)    Approval of the Treasury Management Strategy for 2014/15 attached as Appendix 4.