Decision details

To recommend the second tranche of budget proposals to Council.

Cabinet considered the report and RESOLVED to note:

1)    The advice of the Chief Finance Officer per Schedule A, the continuing uncertainty of national public finances, and the risks surrounding forecasts and budget proposals;

2)    The feedback on the budget proposals from residents, staff and community groups detailed in Appendix A;

3)    The delayed Local Government 2017/18 Final Settlement, the advice given to Local authorities from LGA with regards to setting a budget without this information (Appendix B) and that an update would be given to Cabinet at the meeting; and

4)    The transport levy arrangements with the combined authority included in the budget.

Cabinet RECOMMENDED to Council:

5)    The draft Medium Term Financial Strategy 2017/18-2026/27 (including Phase two budget proposals), as set out in the attached Schedules which comprised of:

a. Report of the Chief Finance Officer,

b. Forecast Revenue Outturn 2016/17,

c. Budget Proposals, Key Figures & Cash Limits (including fees & charges proposals),

d. Treasury Strategy, Prudential Code & Minimum Revenue Provision,

e. Asset Investment Strategy, Acquisition Strategy, Capital Programme & Disposals 2017/18 – 2026/27,

f. Asset Management Plan, and

6)    A Social Care precept of 3% for 2017/18 and 3% in 2018/19, as well as the Council tax increase of 2% for 2017/18 and future years, already agreed as part of the 2016/17 budget strategy.

Under statutory requirements the Council must set a lawful and balance budget. The approach outlined in this report work towards fulfilling this requirement.

No alternative option has been considered as the Cabinet is responsible under the Constitution for initiating Budget Proposals and the Council is statutorily obliged to set a lawful and balanced budget by 11 March annually.

None.

None.