Agenda item
Medium Term Financial Plan
- Meeting of Cabinet, Tuesday, 11th December, 2018 5.00 pm (Item C85(3))
- View the background to item C85(3)
Report of the Chief Officers Executive
Minutes:
The Leader introduced the report of the Chief Officers Executive (previously circulated) requesting that consideration be given to the Medium Term Financial Plan (MTFP) for 2019/20 to 2022/23, including setting a budget and council tax increase for 2019/20, and a Capital Programme for 2019/20 to 2022/23, for consultation.
The submitted report stated that between the financial years 2010/11 and 2018/19 the Council had faced unprecedented financial challenges from reductions in public sector spending, which had meant an overall real terms decrease in government funding of £47.5M, anticipated to increase to £51M by 2022/23; this had resulted in the Council agreeing reductions in planned expenditure of over £57M leading to a reduction to date of 747 in the Council’s workforce; the report had been prepared before the Local Government Finance Settlement (LGFS) which was expected to be announced on 6 December; the Council undertook a significant consultation exercise in 2016, following an in-depth and detailed review of all services which resulted in the agreement of a Core Offer budget which allowed for a small futures fund allocated to discretionary services; although the Core Offer remained challenging, the Council agreed to use unallocated balances of £4.1M to invest in five areas which held great value to the community; and that the Council’s financial position was robust with a four year balanced MTFP.
In presenting the report the Leader stated that the figure detailed in paragraph 42 of the submitted report, was £856,000 and NOT £856M; the finance settlement had been delayed; this Council had one of the lowest rates of Council Tax in the region; and confirmed that the MTFP was deliverable.
Discussion ensued on the budget; the ambitions for the town; and the funding of social care and children’s services.
RESOLVED – That the Revenue MTFP as set out in Appendix 7 of the submitted report, and the proposed Capital Programme summarised in Appendix 8 of the submitted report, be approved for consultation, including:-
(i) a Council tax increase of 2.99 per cent for 2018/19; and
(ii) the Schedule of Charges, as set out in Appendix 3 of the submitted report
REASONS – (a) The Council must set a budget for the next financial year.
(b) To enable the Council to continue to plan services and finances over the medium term.
(c) To ensure decisions can be made in a timely manner.
Supporting documents:
- Medium Term Financial Plan, item C85(3) PDF 520 KB
- Appendix 1 - Detailed Estimates, item C85(3) PDF 81 KB
- Appendix 2 - Budget Pressures-Savings, item C85(3) PDF 307 KB
- Appendix 3 - Schedule of Charges, item C85(3) PDF 442 KB
- Appendix 4 - Assumptions, item C85(3) PDF 111 KB
- Appendix 5 - Projected Revenue Outturn 18-19, item C85(3) PDF 154 KB
- Appendix 6 - Assessment of Risk Balances, item C85(3) PDF 259 KB
- Appendix 7 - Proposed MTFP 2019 to 2023, item C85(3) PDF 157 KB
- Appendix 8 - Capital Programme 2019 to 2223, item C85(3) PDF 34 KB