To consider a report of the Executive Member for Finance and the Corporate Director Finance and Systems.

That it be recommended that Council approve the following:-

a)    The 2019/20 net Revenue Budget of £169.94 million.

b)    The 2020/21 to 2021/22 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 and set out in the Formal Council Tax Resolution in Annex I to the report;

d)    To increase Council Tax by 3.99% in 2019/20:

o   2.99% general increase in the ‘relevant basic amount’ in 2019/20, 2020/21 and 2021/22, and

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

e)    The Fees and Charges for 2019/20 and those relating to Registration of Births, Death & Marriages also shown for 2020/21, as set out in the Fees & Charges booklet.

f)     That approval be delegated jointly to each Corporate Director with the Corporate Director of Finance and Systems to amend fees and charges during 2019/20 in the event of any change in VAT rate, as appropriate.

g)    That approval be delegated jointly to each Corporate Director with the Corporate Director of Finance and Systems to amend fees and charges during 2019/20 under delegated powers where the economics of the charge levels have changed (e.g. costs have risen unexpectedly), or for commercial reasons.

h)    That the minimum level of General Reserve for 2019/20 be increased to £7.0 million, an increase of £1m from 2018/19 (Section 7.2 of the report).

i)      The Capital Strategy, Prudential and Local Indicators and overall level of the Capital Programme and Asset Investment Fund of £212.28 million (as detailed in the Capital Strategy, Capital Programme & Prudential Indicators 2019/22) of which £167.93 million relates to 2019/20; this includes £106.91million of new prudential borrowing.

j)      The Treasury Management Strategy 2019/20 to 2021/22, including the debt strategy (Section 3), the investment strategy (Section 5) and the Prudential Indicators, including the Authorised Limit (as required by Section 3(1) of the Local Government Act 2003, Operational Boundary, Minimum Revenue Provision and investment criteria as set out in Appendix 3 of the report.

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 H.

and in recommending approval of the above, has taken into consideration :

a)    The objective assessment by the Corporate Director of Finance and Systems of the robustness of budget estimates and adequacy of the financial reserves (Section 7 and Annex G).

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 on the budget proposals.

In addition, that it be recommended that Council notes the following:

a)    The approval on 23 January 2019 under delegated powers by the Corporate Director of Finance and Systems of the Council Tax Base for 2019/20 at 76,999 Band D equivalents.

b)    Along with the calculation of the estimated Council Tax surplus, sufficient to release £(1.324)million to support the Council’s 2019/20 revenue budget and a distribution of £(187)k and £(74)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 2020/21, £15.71m and 2021/22, £12.81m.

e)    That the Capital Programme for 2019/20, 2020/21 and 2021/22 is to be set at an indicative £167.93 million, £32.99 million and £11.36 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.

The Executive Member for Finance and the Corporate Director of Finance and Systemssubmitted a report which set out the Executive’s updated 3 year budget strategy proposals, detailed revenue budget proposals for 2019/20 and Medium Term Financial Strategy (MTFS) for the period 2020/21-2021/22.

RESOLVED - That it be recommended that Council approve the following:-

a)    The 2019/20 net Revenue Budget of £169.94 million.

b)    The 2020/21 to 2021/22 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 and set out in the Formal Council Tax Resolution in Annex I to the report;

d)    To increase Council Tax by 3.99% in 2019/20:

o   2.99% general increase in the ‘relevant basic amount’ in 2019/20, 2020/21 and 2021/22, and

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

e)    The Fees and Charges for 2019/20 and those relating to Registration of Births, Death & Marriages also shown for 2020/21, as set out in the Fees & Charges booklet.

f)     That approval be delegated jointly to each Corporate Director with the Corporate Director of Finance and Systems to amend fees and charges during 2019/20 in the event of any change in VAT rate, as appropriate.

g)    That approval be delegated jointly to each Corporate Director with the Corporate Director of Finance and Systems to amend fees and charges during 2019/20 under delegated powers where the economics of the charge levels have changed (e.g. costs have risen unexpectedly), or for commercial reasons.

h)   That the minimum level of General Reserve for 2019/20 be increased to £7.0 million, an increase of £1m from 2018/19 (Section 7.2 of the report).

i)     The Capital Strategy, Prudential and Local Indicators and overall level of the Capital Programme and Asset Investment Fund of £212.28 million (as detailed in the Capital Strategy, Capital Programme & Prudential Indicators 2019/22) of which £167.93 million relates to 2019/20; this includes £106.91million of new prudential borrowing.

j)      The Treasury Management Strategy 2019/20 to 2021/22, including the debt strategy (Section 3), the investment strategy (Section 5) and the Prudential Indicators, including the Authorised Limit (as required by Section 3(1) of the Local Government Act 2003, Operational Boundary, Minimum Revenue Provision and investment criteria as set out in Appendix 3 of the report.

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 H.

and in recommending approval of the above, has taken into consideration:

a)    The objective assessment by the Corporate Director of Finance and Systems of the robustness of budget estimates and adequacy of the financial reserves (Section 7 and Annex G).

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 on the budget proposals.

In addition, that it be recommended that Council notes the following:

a)    The approval on 23 January 2019 under delegated powers by the Corporate Director of Finance and Systems of the Council Tax Base for 2019/20 at 76,999 Band D equivalents.

b)    Along with the calculation of the estimated Council Tax surplus, sufficient to release £(1.324)million to support the Council’s 2019/20 revenue budget and a distribution of £(187)k and £(74)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 2020/21, £15.71m and 2021/22, £12.81m.

e)    That the Capital Programme for 2019/20, 2020/21 and 2021/22 is to be set at an indicative £167.93 million, £32.99 million and £11.36 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.