Issue - meetings

Report of the Deputy Section 151 Officer.

RESOLVED (Unanimously) that:

1.    Cabinet approves the revenue budget for 2018/19 as set out in Appendix A;

2.    Cabinet approves the 5 year Medium Term Financial Strategy (MTFS) 2018/19 through to 2022/23, summarised at Appendix B; and

3.    Cabinet recommends to Council a Council Tax increase of 2.99%.

Further to Minute Nos.79(a) and 79(b) above, the Deputy Section 151 Officer presented the proposed 2018/19 Revenue Budget for the Council and the Medium Term Financial Strategy (MTFS) for the next 5 years.  This was the financial plan for the Council for the next 5 years. It was aligned to and supported the Corporate Plan and accounted for the implications of the Capital Strategy in delivering the Council’s ambitions and services for residents.

It was explained that in part the new approach followed major changes in local authority finance.  One implication of this had been that this Council no longer received a revenue grant from Central Government.

A considerable amount of work had been carried out on Business Rate Retention and it was considered that the figures included in the budget were accurate. 

In respect of the Council’s Management Re-structure, it was confirmed that the figure in the report was correct for Year 1 with further savings in Year 2.

It was confirmed that the Council did not have performance related pay. 

Decision Made (Unanimously) that:

1.    Cabinet approves the revenue budget for 2018/19 as set out in Appendix A;

2.    Cabinet approves the 5 year Medium Term Financial Strategy (MTFS) 2018/19 through to 2022/23, summarised at Appendix B; and

3.    Cabinet recommends to Council a Council Tax increase of 2.99%.

Reasons for the Decision:

The Council has a statutory obligation to set a balanced budget and this was reflected in the report.

Alternative Options Considered and Rejected:

There was not alternative as Cabinet was under a legal duty to prepare and agree budget proposals which then must be referred to full Council for its consideration. The budget had been set with reference to all relevant legal requirements set out in the Local Government Finance Act 1992 and all other related legislation, statutory instruments and regulations.