The Executive has agreed to:
1. note the interim budget review process set out in this report and ask officers to report further changes to Members following the review of the Corporate Plan and priorities;
2. approve the updated Medium Term Financial Plan document as attached at Annexe 1;
3. set up a cross-cutting efficiency group that develops a programme of efficiency reviews and monitors their delivery, overseen by the Strategic Director of Finance and Resources and the Portfolio Holder for Finance;
4. the working assumption of a cap in the annual revenue contribution to the General Fund capital programme of £0.9m;
5. the implementation of a new, more rigorous bidding and monitoring process for General Fund Capital Schemes, as set out in paragraph 4;
6. the transfer of an amount equivalent to the New Homes Bonus funding from the General Fund revenue budget each year to the Investment Fund;
7. note the HRA capital reserves set out in Annexe 5 and ask the Housing Delivery Board to identify additional capital projects in the next 4-years up to the value of £8m and report back to Council for approval; and to
8. ask officers to make arrangements for a series of budget awareness sessions for councillors, to take place in the early Autumn.
[This item has already been considered by the Customer Service and Value for Money O and S Committee]
The Executive has also agreed to RECOMMEND to the COUNCIL that the revised HRA new homes capital programme as set out in Annexe 6 be approved.
[This item is recommended to the Council for consideration and is not subject to the call-in procedure]
[Reason: to receive the latest position on the budget review for 2017/2018 and the changes to the medium term financial plan]