Contact: Nick Gibbins, (01962) 847544; [email protected]

1 Summary

1.1 This report brings together the various elements of the County Council's current medium term financial strategy into a single document. The strategy will need to be rolled forward and reviewed in the light of the 2007 spending review and three year grant settlement for 2008/09 to 2010/11 and to reflect any changes in the corporate strategy. In the meantime further work is required to assess budget pressures and savings options more fully within the context of the budget limits in the provisional budget for 2008/09 and 2009/10.

1.2 The following decisions were made:

i) to approve the Medium Term Financial Strategy for 2007/08 to 2009/10, subject to the result of the further work referred to in paragraph 1.1 above

ii) to request Executive members to review the value for money benchmark activity and performance forecasts, budget pressures and savings options to contain spending within the limits set out within the provisional budgets for 2008/09 and 2009/2010

iii) to report back these reviews for consideration by Cabinet in September to assist planning and budget consultation during the autumn, before final budget limits are set in December after the formula grant announcement for the CSR07 period.

1 Reason

1.1 The development of a medium term financial strategy should assist in communicating the framework for the County Council's financial decision-making over the next three years more effectively than at present. Planning for the 2008/09 budget needs to get underway before the outcome of the 2007 Comprehensive Spending Review 2007 (CSR 07) is announced in the autumn in order to enable alternative options to be explored and to facilitate budget consultation.

2 Other options considered and rejected

2.1 Not to produce a medium term financial strategy document and to defer planning for the 2008/09 budget strategy until after the 2007 Spending Review announcement in the autumn.

3 Conflicts of interest

3.1 None

4 Dispensation granted by the Standards Committee

4.1 None

5 Reason(s) for the matter being dealt with if urgent

5.1 None

Approved by: Date:
Councillor T K Thornber C.B.E. - Chairman