This report seeks approval for a revised Financial Strategy 2014/15 to 2023/24, the report also seeks approval to fund the costs associated from the corporate restructure from the One-Off Fund and the establishment of a £5,000,000 Economic Development Reserve.  The detailed Financial Strategy in Annex ‘A’ of this report demonstrates the affordability of both of these recommendations.

In accepting the recommendations, Cabinet will approve and recommend to Council the revised Financial Strategy 2014/15 to 2023/24; the funding of costs associated with the Corporate Restructure from the One-off Fund, with the allocation of an additional £389,200 and the establishment of a £5,000,000 Economic Development Fund.

The subject of the decision:

This report sought approval for a revised Financial Strategy 2014/15 to 2023/24, the report also sought approval to fund the costs associated from the corporate restructure from the One-Off Fund and the establishment of a £5,000,000 Economic Development Reserve.  The detailed Financial Strategy in Annex ‘A’ of the report demonstrated the affordability of both of these recommendations.

Alternative options considered:

None.

The reason for the decision:

To ensure there is a long term financial planning mechanism for the Council.

THE DECISION:

That Cabinet approves and recommends to Council:-

(1)     the revised Financial Strategy 2014/15 to 2023/24;

(2)     the funding of costs associated with the Corporate Restructure from the One-off Fund, with the allocation of an additional £389,200; and

(3)     the establishment of a £5,000,000 Economic Development Fund.