PAPER B

Purpose : For Decision

REPORT TO THE EXECUTIVE

Date : 20 APRIL 2005

Title : MEDIUM TERM FINANCIAL PLAN

REPORT OF THE PORTFOLIO HOLDER FOR RESOURCES

IMPLEMENTATION DATE : 2 May 2005

SUMMARY/PURPOSE

1. To recommend to Full Council that:

1. The medium Term Financial Plan is added to the budget and policy Framework set out in Article 14 of the Constitution

2. The draft Medium Term Financial Plan be considered and adopted by Full Council on 22 June 2005.

RULE 15 - ACCESS TO INFORMATION RULES

2. This paper was originally intended for an early meeting of the incoming Executive. The timetable of meetings of Full Council is inherently uncertain and advice from the Chief Financial Officer is that the recommendation should be made at this time, for consideration by the Full Council on 22 June 2005.

BACKGROUND

3. The MTFP sets out in some detail the financial environment in which the Council operates, and initiatives through which its priorities will be delivered.

STRATEGIC CONTEXT

4. The MTFP is a key document linking the Council’s corporate plans to the resources that underpin them.

CONSULTATION

5. Various topics within the plan have been subject to wide ranging consultation in their own right. The draft plan has so far been open to comment and contribution from all service heads and directors and it is hoped that a wider audience will contribute to regular updates in the future.

FINANCIAL/BUDGET IMPLICATIONS

6. The draft plan proposed represents the best use of available resources to deliver existing priorities.

LEGAL IMPLICATIONS

7. Adoption of a Medium Term Financial report is a key element of sound financial planning which is itself part of CPA and other assessment.

OPTIONS

8(a) To recommend the draft Medium Term Financial Plan to Council

8(b) To suggest alterations to the Plan

EVALUATION/RISK MANAGEMENT

9. Failure to develop longer term financial planning horizons could be detrimental to service delivery, and would certainly result in a poor ‘Use of Resources’ Comprehensive Performance Assessment in 2006.

RECOMMENDATIONS

10. Option 8 (a)

ADDITIONAL INFORMATION

11. Appendix – Draft Medium Term Financial Plan

Contact Point : Paul Wilkinson, Chief Financial Officer (823606 email [email protected]

PAUL WILKINSON Chief Financial Officer

REG BARRY Portfolio Holder for Resources