Agenda item

The DeputyLeader of the Council and Cabinet Member (Finance and Human Resources) submitted a report that provided Cabinet with details of the Capital Programme for 2017/18 to 2019/20 (Section A) and the Revenue Budget for 2017/18 to 2019/20 (Section B) and outlined the Council’s strategy for tackling the financial challenges ahead. 

Section A of the report set out the draft Capital Programme and a forecast of the available resources. In view of the difficult revenue budget situation the report recommended that the Capital Programme be limited to those schemes that are fully funded from external sources.   

Section B of the report addressed the revenue budget and outlined;

·         The final Local Government Finance Settlement for 2017/2018 to 2019/2020

·         Forecast outturn for 2016/2017

·         The budget strategy for 2017/2018 to 2019/2020 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. 

Attention was drawn to the fact that 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.

The Leader thanked the residents of Bury that had taken part in the Budget Consultation process.

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 2017/2018 and cuts proposals for the period 2017/2018 to 2019/2020  at its meeting on 23 February 2017.

Recommendations to Council:

Section A – Capital Programme

1.   That approval be given to the Capital Programme for 2017/2018 and future years, shown in Appendix 1 of the report submitted.

2.   That approval be given to the proposed financing of the Capital Programme.

Section B – Revenue Budget

1.   That the details of the draft Settlement Funding Allocation (SFA) for 2017/18 to 2019/20 be noted.

2.   That in the event that the final Settlement is not confirmed by the Government in time for the Council meeting, then amendments to the budget, and calculations made in line with the Local Government Finance Act 1992, to reflect any changes to the Settlement figures be delegated to the Chief Executive and Interim Director of Resources & Regulation in consultation with the Leader of the Council, Deputy Leader and portfolio holder for Finance & Human Resources and opposition Party Leaders. Any amendments will be reported to Council on 19 April 2017.

3.   That the level of repayment of principal on General Fund debt at the minimum of 2% in line with the current Minimum Revenue Provision policy be noted.

4.   That it be noted that under delegated powers the Interim Executive Director of Resources and Regulation has calculated the amount of 52,350 as the Council Tax base for the year 2017/2018 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.

5.   That the forecast outturn position for 2016/2017 be noted.

6.   That approval be given that the actual minimum level of balances for 2017/2018 be set at £4.25m in view of the Council’s risk profile.

7.   That approval be given to amend or reject the draft Revenue Budget for 2017/2018 to 2019/2020 as shown in the report.

8.   That approval be given to the programme of cuts for delivery over the 3 year period 2017/2018 to 2019/2020 set out at Appendix 5 of the report.

9.   That the recommendations of the Schools’ Forum around education funding issues be noted.

10.          That the statements by the Interim Executive Director of Resources & Regulation on the robustness of budget assumptions and on the minimum level of balances be endorsed.

11.           That the level of the Council Tax / Social Care Precept for 2017/2018 be determined.