Medium Term Financial Plan - Phase 1
Launch date: 01/12/2014
Review status: Comments published
What is the review about?
Phase 1 concentrates on the previous Corporate Services Panel review into the Budget 2015 following up on recommendations. It will also provide an update on the economic outlook analysis provided of the Minister for Treasury and Resources and economic forecasts.
Terms of reference
1. To follow up the implementation of the recommendations made in S.R.12/2014 Draft Budget 2015 accepted by the Minister for Treasury and Resources, with particular focus on following:-
- Investigate the potential for the States to run a budget surplus of 0.5% or 1% of GVA over economic cycle
- Request that work begin immediately on the recalibration of the MTFP with a report on progress to be provided to the new Assembly by Christmas 2014
- Ensure membership of the ITFG is formalised within a structured reporting framework and with formal minutes being made available to the Council of Ministers
2. To examine the approach of the Minister for Treasury and Resources’ to the economic forecasts and associated assumptions relevant to the development of the MTFP 2016-2019.