Decision details

EXECUTIVE'S REVENUE BUDGET PROPOSALS 2018/19 & MTFS 2019/20 - 2020/21

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Decision:

That it be recommended that Council approve the following:-

 

a)    The 2018/19 net Revenue Budget of £164.25 million.

 

b)    The 2019/20 to 2020/21 Medium Term Financial Strategy (MTFS) including the income and savings proposals.

 

c)    The calculation of the Council Tax Requirement as summarised in Section 9.1 of the report and set out in the Formal Council Tax Resolution (Green Sheets circulated at Executive and Council);

 

d)    To increase Council Tax by 4.99% in 2018/19:

o   2.99% general increase in the ‘relevant basic amount’ in 2018/19 and 1.99% in 2019/20 and 2020/21, and

o   2% for the ‘Adult Social Care’ precept in 2018/19 and 1% in 2019/20.

 

e)    The policy changes as detailed in the report (Section 4.3.1)

 

f)     The Fees and Charges for 2018/19, as set out in the Fees & Charges booklet.

 

g)    That approval is delegated jointly to each Corporate Director with the Chief Finance Officer to amend fees and charges during 2018/19 in the event of any change in VAT rate, as appropriate.

 

h)    That the minimum level of General Reserve for 2018/19 be retained at £6.0 million, as in 2017/18 (Section 7.2).

 

i)      That the overall Capital Strategy and Programme level of £144.65 million be approved (as detailed in the Capital Strategy & Prudential Indicators report included elsewhere on the agenda) of which £59.42 million relates to 2018/19.

 

j)      The Prudential Borrowing Indicators as set out in in Appendix 3 and Appendix 4, of both the Treasury Management Strategy and Capital Strategy & Prudential Indicators reports respectively included elsewhere on the agenda.

 

k)    The distribution of Dedicated Schools Grant as recommended by the School Funding Forum and Executive as summarised in Section 8 and detailed in Annex I.

 

That it be noted that, in recommending approval of the above, the Executive has taken into consideration:

 

a)    The objective assessment by the Chief Finance Officer of the robustness of budget estimates and adequacy of the financial reserves (Section 7.3 and Annex H).

 

b)    The Executive’s response to the Scrutiny Committee’s recommendations to the budget proposals as included in a separate report on the agenda.

 

c)    The Council’s Public Sector Equality duty.

 

d)    The results of the consultation with staff on the extension of the mandatory leave scheme

 

That it be recommended, In addition, that Council note the following:

 

a)    The approval on 9 January 2018 under delegated powers by the Chief Finance Officer of the Council Tax Base for 2018/19 at 76,045 Band D equivalents.

 

b)    Along with the calculation of the estimated Council Tax surplus, sufficient to release £(0.5 million) to support the Council’s 2018/19 revenue budget and a distribution of £(69)k and £(25)k representing the respective shares of the Mayoral Police and Crime Commissioner Precept and Mayoral General Precept (including Fire Services). 

 

c)    The base budget assumptions as set out in the Medium Term Financial Strategy (MTFS) as detailed in Annex A.

 

d)    The budget gap for the two years 2019/20, £6.25 million and 2020/21, £8.85 million.

 

e)    That the Capital Investment Programme for 2018/19, 2019/20 and 2020/21 is to be set at an indicative £59.42 million, £61.76 million and £23.47 million respectively (indicative at this stage as a number of capital grants not yet known).

 

f)     That the Council Tax figures included in the report for the Mayoral Police and Crime Commissioner Precept and Mayoral General Precept (including Fire Services) are the recommended provisional amounts pending their formal approval.

 

g)    The Treasury Management Strategy 2018/21 detailed elsewhere on the agenda.

Urgent item?: Yes

Report author: Corporate Director Transformation and Resources

Publication date: 27/03/2018

Date of decision: 21/02/2018

Decided at meeting: 21/02/2018 - Executive

Accompanying Documents: