Issue - meetings

Cabinet considered a report setting out an overview of the Council's financial position from 2017/18 to 2021/22, including an update on the current year's financial position and a revised Medium Term Financial Strategy (MTFS) reflecting the provisional settlement for 2018/19 announced on 19th December 2017 as well as updated financial assumptions based on the latest evidence.

The report included proposals for a capital programme for the period 2018/19 – 2020/21 of £226.117m, and for prudential borrowing totalling £200.428m covering the period 2017/18 to 2020/21 to fund the proposed programme. The report also included an assumption of a Council Tax increase of 5.99% in 2018/19, including 3% for adult social care, maximising the flexibilities set out in the latest provisional settlement without the need for a referendum.

In presenting the report, the Interim Chief Executive and Director of Resources, in her capacity as Section 151 Officer, outlined the key risks, confirmed that the assumptions underlying the proposals in the report were sound and stated that the proposed budget was robust, and reserves sufficient.

Resolved: That

  i.  the current forecast underspend of £15.758m on the revenue budget in 2017/18 be noted, and the transfer of the final underspend at year end into the transitional reserve be agreed.

  ii.  the revised funding gap of £144.492m covering the period 2018/19 to 2021/22 as set out in the revised financial outlook forecast for the Council be noted.

  iii.  the additional budget adjustments for 2018/19, and following years' increases, included in the revised MTFS following the financial settlement, be approved.

  iv.  the budget proposals set out in Appendix C be approved for the purposes of consultation, the outcomes of the consultation to be reported back to Cabinet for consideration in due course.

  v.  the budget proposals set out in Appendix D be approved, officers be authorised to proceed with their implementation, and the 2018/19 budget is based upon these revenue decisions

  vi.  Full Councilon 8th February 2018 be recommended to set a Band D Council Tax for 2018/19 reflecting a 5.99% increase including 3% to be used for social care as per the new flexibilities.

  vii.  the contents of the County Council's Reserves position at 31st December 2017, forecast at £190.285m at the end of 2019/20, be noted, and the transfers between reserves be approved as contained within the report.

viii.  the specific capital programme estimated at £226.117m for 2018/19 – 2020/21 be approved as presented within the body of the report.

  ix.  prudential borrowing totalling £200.428m over the period 2017/18 to 2020/21 be approved as identified within the Capital Programme report.

  x.  the advice of the Interim Chief Executive and Director of Resources in relation to the robustness of the budget and the adequacy of reserves be noted.