M E T R O P O L I T A N B O R O U G H O F K N O W S L …_0

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M E T R O P O L I T A N B O R O U G H O F K N

O W S L …

M E T R O P O L I T A N B O R O U G H O F K N O W S L E Y To: The Mayor and Members of the Council Meeting: 7 March 2007 Wards Affected: All Portfolio Areas: All Non-Key Decision REPORT OF THE ACTING BOROUGH TREASURER BUDGET STRATEGY AND MEDIUM TERM FINANCIAL PLAN 2007/08 2009/10 1. PURPOSE OF THE REPORT This report provides an update of the Medium Term Financial Plan which is a 3 year projection of the Councils overall expenditure and income forecasts. The report also considers future key influences on financial policy issues. 2. RECOMMENDATIONS The Council is recommended to:- 2.1 note the revised Medium-Term Financial Plan and the associated financial projections and revised assumptions detailed in this report, and consider the forecasts contained within the Plan when approving the 2007/08 budget proposals and discussing the level of Council Tax; and 2.2 note the potential courses of action which will need to be considered to balance the budget in 2008/09 and 2009/10 as set out in section 5 of the report. 3. BACKGROUND 3.1 The Medium-Term Financial Plan sets out a three-year timeframe for

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the various elements of the Councils Performance-Based Financial Strategy. It establishes financial policies and provides a basis for the annual budget. The Plan also includes resources and expenditure forecasts for the next three years based on current information and informed assumptions. There are a significant number of factors which can affect these forecasts, particularly in the latter years, but they do provide a planning backdrop on which budget policy decisions can be based. 3.2 On 1 March 2006, the Council considered a report on the Medium-Term Financial Plan which forecast deficit positions for 2007/08 and 2008/09 of 5m and 12m respectively. Updates have been provided during the year including the latest position discussed at the Policy Studies event in January 2007. The projections for future years have now been updated to take account of the latest information and deve...