Decision details

Cabinet received a report providing an update of the forecast outturn Financial Position for 2016/17 on revenue and capital, the County Council's updated Medium Term Financial Strategy (MTFS) for the period 2017/18 to 2020/21, reflecting the provisional settlement for 2017/18, and the position with regard to application of current reserves.

The continuing unprecedented financial challenge facing local authorities was noted, with attention of the Cabinet being drawn to the proposal being made by Surrey County Council for a 15% council tax increase.

Resolved: That

  i.  the current forecast underspend of £15.298m on the revenue budget in 2016/17 be noted

  ii.  the revised funding gap of £153.389m covering the period 2017/18 to 2020/21 as set out in the revised financial outlook forecast for the Council be noted.

  iii.  the additional budget adjustments for 2017/18, and following years' increases, included in the revised MTFS following the financial settlement, be approved.

  iv.  Cabinet recommend to Full Council on 9th February 2017 the Band D Council Tax for 2017/18 reflecting a 3.99% increase including 2% to be used for social care as per the new flexibilities.

  v.  Note the contents of the County Council's Reserves position at 31st December 2016 be noted

  vi.  the specific capital programme as presented be approved

  vii.  the increase in prudential borrowing identified within the Capital Programme report be approved.

viii.  the advice of the Director of Financial Resources in relation to the robustness of the budget and the adequacy of reserves be noted.