Issue - meetings

[Alison Shannon,Chief Accountant, to present report]

Alison Shannon, Chief Accountant, introduced the report and advised the panel the report explained the financial assumptions used to prepare the Medium-Term Financial Strategy (MTFS). The Chief Accountant referred to the list of General Inflation Assumptions in Table 1 which have been built into the MTFS. The Chief Accountant advised the panel that Table 2 details the specific growth assumptions to support specific services and respond to factors such as changes in demographic growth, increased demand for services.

The panel queried how future pay award increases are considered in the assessment.  Alison Shannon, Chief Accountant, advised the panel that assumptions about the level of future pay awards and annual salary increments are included in the assessment. The panel welcomed the increased funding to support growth in response to increase demand in social care.

The panel discussed the link between the report and recent findings in the treasury management report assumptions. The panel queried the impact as a result of the increase in the loan rate of PWLB on the financial assumptions.  The Cabinet Member for Resources advised the panel that the Council would continue to ensure best value. 

Resolved:

            The panel agreed to note the report.