To consider the recommendation in Cabinet Minute 9 of 7 June 2011 to adopt the updated Medium Term Financial Strategy (MTFS) for the period 2011-15.

Cabinet Member: Councillor Bowyer

CMT Lead Officer: Director for Corporate Support

Councillor Bowyer (Cabinet Member for Finance, Property, People and Governance) submitted a report and recommended that council adopted the Updated Medium Term Financial Strategy (MTFS) for the period 2011-15. (Cabinet minute 9, referred).

The motion was seconded by Councillor Monahan.

An amendment was moved and seconded as follows –

‘MTFP add after “for adoption.” – Members will be kept informed at each full meeting of the council on progress in delivering the departmental delivery plans.’

The motion was accepted by Councillor Bowyer.

The vote was taken on the amendment and declared carried.

The debate continued on the amended motion.

Councillor Lowry moved a further amendment as follows –

‘Calls upon the cabinet to urgently review car parking charges in light reduced parking income, due to the ongoing economic downturn, the significant fall in retail sales in May of 1.4pc and competition from private parking provision in the city centre.’

The amendment was seconded by Councillor Coker.

Councillor Mrs Pengelly proposed a short adjournment. This procedural motion was seconded by Councillor Fry and following a vote the motion was carried.

Following the adjournment, discussion took place on the proposed amendment.

Following summing up from Councillor Lowry, a vote was taken and the amendment was declared lost.

Following summing up from Councillor Bowyer the vote was taken on the amended motion and it was agreed that the updated Medium Term Financial Strategy (MTFS) for the period 2011 – 15 is adoptedand members would be kept informed at each full meeting of the council on progress in delivering the departmental delivery plans.

CMT Lead Officer: Director for Corporate Support

Councillor Bowyer (Cabinet Member for Finance, Property and People) introduced the report and highlighted that the document sets out how progress is measured and forecasts the resources required for the next 3 – 4 years.

Agreed that the updated Medium Term Financial Strategy (MTFS) for the period 2011 – 15 be recommended to Council for adoption.