Medium Term Financial Strategy Phase Two 2018/19 - 2020/21 - FEB18/CAB/105
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Cabinet considered the report and RESOLVED (unanimous) to note:
1. The statutory advice of the Chief Finance Officer outlined in section 6, The Robustness Statement. This is required to highlight the robustness of budget estimates and the adequacy of the reserves.
2. All the grant figures following the Local Government Final Finance Settlement, published on 6 February 2018 outlined in section 4.5. This details the following adjustments to the budget:
· Adult Social Care Grant 2018/19- £0.496million
· Business Rates compensation for limits increase in the NNDR £0.084million
3. The feedback received on the budget proposals, received via the consultation detailed in section 9 of the report, Appendix J and the Supplementary Report.
4. The Treasury Management Strategy 2018/19-2020/21, detailed in Appendix L, which also includes an amendment following the Audit Committee meeting held on 12 February 2018.
Cabinet considered the report and resolved to approve and recommend to Council:
5. The Phase Two budget proposals, outlined in Appendix H, subject to additional wording to clarify that Vivacity had agreed to take on the running of Bretton Water Park. This includes a 5.99 per cent council tax increase, and a change in service delivery for the 0-25 Provider service.
6. The Medium Term Financial Strategy 2018/19-2020/21 as set out in the body of the report and the following appendices:
· Appendix A – Budget Context highlighted in Phase One, MTFS for 2018/19-2020/21
· Appendix B – 2018/19 MTFS detailed position
· Appendix C – 2018/19 MTFS by department
· Appendix D – 2018/19 MTFS by Service
· Appendix E – Capital Schemes
· Appendix F – Council Grants
· Appendix G – Fees and Charges
· Appendix H – Budget Proposals (consultation document)
· Appendix I – Equality Impact Assessments
· Appendix J – Budget Consultation Feedback
· Appendix K– December 2018 Budgetary Control Report
· Appendix L– Treasury Management Strategy 2018/19-2020/21
· Appendix M– Asset Investment and Acquisition Strategy, Capital Programme 2018/19-2020/21
· Appendix N– Asset Management Plan
Reasons for the decision:
The Council must set a lawful and balanced budget. The approach outlined in the report worked towards this requirement.
Alternative options considered:
No alternative option had been considered as the Cabinet was responsible under the constitution for initiating budget proposals and the Council was statutorily obliged to set a lawful and balanced budget by 11 March annually.
Interests and Nature of Interests Declared:
Medium Term Financial Strategy 2018/19 to 2020/21 Consultation – Cabinet 20 November 2017
Medium Term Financial Strategy Phase one consultation response – Cabinet 4 December 2017
Publication date: 26/02/2018
Date of decision: 26/02/2018