Issue - meetings

A report from the Cabinet Member for Finance and Housing is attached

The Cabinet Member for Finance and Housing submitted the budget report.  The report provides Members with details of the Capital Programme for 2018/19 to 2020/21 (section A) and the Revenue Budget for 2018/19 to 2019/20 (section B) and outlines the Council’s strategy for tackling the financial challenges ahead. 

Section A sets out the draft Capital Programme and a forecast of the available resources. 

 Section B addresses the revenue budget and also outlines;

·         the Local Government Finance Settlement for 2018/19 to 2019/20

·         Forecast outturn for 2017/18

·         The budget strategy for 2018/19 to 2019/20 and the approach to balancing the budget. 

It also examines the robustness of the assumptions behind the budget forecast and it contains an assessment of the adequacy of the Council’s balances. 

The Cabinet member reported despite the extremely challenging local government finance Settlement, and the resultant savings target, the proposed budget places no long term reliance on one-off savings options / use of reserves.

Delegated decisions:

1.   That the report be noted.

2.   That the Council be requested to consider and determine all matters relating to the Budget, the Capital Programme and the level of the Council Tax for 2018/2019, and cuts proposals for the period 2018/19 to 2019/20 at its meeting on 21st February 2018.

Recommendations to Council:

Section A – Capital Programme

1. Approve the Capital Programme for 2018/19 and future years, shown in Appendix 1;

2. Approve the proposed financing of the Capital Programme;

Section B – Revenue Budget

3. Note the details of the Final Settlement Funding Allocation (SFA) for 2018/19 to 2019/20.

4. Note the level of repayment of principal on General Fund debt at the minimum of 2% in line with the current Minimum Revenue Provision policy;

5. Note that under delegated powers the Interim Executive Director of Resources & Regulation has calculated the amount of 52,850 as the Council Tax base for the year 2018/19 in accordance with the Local Government Act 2003 and with regulations made under section 33(5) of the Local Government Finance Act 1992 and the Local Authority (Calculation of Council Tax Base) (England) Regulations 2012;

6. Note the forecast outturn position for 2017/18;

7. Approve that the minimum level of balances for 2018/19  be set at £4.250m in view of the Council’s risk profile;

8. Approve, amend or reject the draft Revenue Budget for 2018/19 to 2019/20 as shown in the report;

9. Reaffirm the programme of cuts for delivery over the 3 year period 2017/18 to 2019/20 as approved by Council on 22^nd February 2017, and as set out at Appendix 5;

10.            Note the recommendations of the Schools’ Forum around education funding issues;

11.            Endorse the statements by the Interim Executive Director of Resources & Regulation on the robustness of budget assumptions and on the minimum level of balances;

12. Determine the level of the Council Tax / Social Care Precept for 2018/19.

A report from the Cabinet Member for Finance and Housing is attached

The Cabinet Member for Finance and Housing submitted a report setting out details of the Capital Programme for 2018/19 to 2019/20 and the Revenue Budget for 2018/19 to 2019/20. A draft budget consultation pack and consultation responses were appended to the report.

The report recommended that the Capital Programme be limited to those schemes fully funded from external sources.

With regard to the revenue budget the report outlined details of:

·         The Local Government Finance Settlement for 2018/19 to 2019/20

·         Forecast outturn for 2017/18

·         The budget strategy for 2018/19 to 2019/20 and the approach to balancing the budget. 

The report examined the robustness of the assumptions behind the budget forecast and contained an assessment of the adequacy of the Council’s balances.

Questions and comments were invited from Members of the Committee and the following issues were raised:

·         Councillor Harris asked for the schools’ funding to be explained.

Peter Lowe, Head of Financial Services - Children, Young People and Culture explained that there were currently changes to the way that schools were funded going through parliament but the primary legislation was not as yet in place.

It was anticipated that the changes would see greater emphasis placed on deprivation.

The new schools’ funding would be put in place over the next three years.

It was agreed:

 That the report be noted.