Issue - meetings

To seek Cabinet’s approval of:

·          the latest financial forecast and final budget proposals 2019/20 (including Council Tax proposals) for recommendation to Council on 5 February 2019.

RESOLVED that Cabinet approves:-

(a)   The latest financial forecast set out in Appendix A;

(b)   that if the financial position changes prior to Council considering the budget on 5 February 2019, delegation be given to the Deputy Chief Executive to adjust the forecast / budget, including the use of Reserves, in consultation with the Finance and Corporate Resources Portfolio Holder;

(c)   that in consultation with the Leader and the Finance and Corporate Resources Portfolio Holder, the Deputy Chief Executive reports directly to Council in respect of the formal draft resolutions necessary to implement the Cabinet’s budget proposals along with any late information or notifications received from the Ministry for Housing, Communities and Local Government etc.;

(d)   that the Resources and Services Overview and Scrutiny Committee be thanked for the work they have undertaken and continue to undertake in supporting the development of the forecast / budget and agrees the comments of the Finance and Corporate Resources Portfolio Holder in response to those of the Committee as set out in this report;

(e)   that in respect of the Treasury Strategy 2019/20, delegation be given to the Portfolio Holder for Finance and Corporate Resources to approve the Strategy for consultation with the Resources and Services Overview and Scrutiny Committee.

That subject to the above, Cabinet recommends to Full Council:

(a)   That following the consideration of the comments from the Resources and Services Overview and Scrutiny Committee the following final budget proposals be made (based on a £5 increase in a Band D Council Tax for district services):-

i)                 that the detailed budgets as per Appendix D of this report be approved which provide for a Council Tax Requirement for 2019/20 of £7.955m (excluding parish precepts);

ii)                that the Council agrees and formally approves:

(b)   the specific recommendations, calculations and other matters in respect of the Council’s requirements – Appendix F; and

(c)   the Council Tax for this Council’s services – Appendix I.

There was submitted a report by the Portfolio Holder for Finance and Corporate Resources, which sought Cabinet’s approval of the latest financial forecast and final budget proposals for 2019/20 (including Council Tax proposals) for recommendation to Council on 5 February 2019.

It was reported that since the Cabinet’s last meeting held on 14 December 2018, additional changes had been required to the Financial Forecast, primarily as a result of new, or revised, information becoming available which included the Government’s Financial Settlement announcements. Those required changes had resulted in a deficit for 2019/20 of £0.027m, a change of £0.029m compared to the figure presented to Cabinet in December 2018. The updated forecast had now been translated into detailed estimates which were set out in Appendix D to the Report of the Finance and Corporate Resources Portfolio Holder.

Cabinet was made aware that this figure might change as further adjustments could be required as part of finalising the budget for presenting to Council on 5 February 2019, with a delegation included in the Portfolio Holder’s recommendations to reflect this.

Cabinet was informed that the deficit of £0.027m in 2019/20 had been met by utilising the Forecast Risk Fund as planned.

Members noted that the use of the Forecast Risk Fund in 2019/20 had been significantly lower than originally forecast which provided a strong position against which the remaining years of the 10 year forecast could be considered.

Cabinet was advised that taking all of the changes into account, the Council Tax requirement had been revised to £7.955m, which was based on a £5 increase for this Council’s services in 2019/20 with a Band D council tax of £167.64.

Members were made aware that in line with legislative requirements the Council’s Section 151 Officer had confirmed the robustness of the estimates along with the adequacy of reserves.

It was reported that although Prudential Indicators were set out in the report, the associated Treasury Strategy for 2019/20 for consultation with the Resources and Services Overview and Scrutiny Committee was recommended to be delegated to the Portfolio Holder for Finance and Corporate Resources. This had been necessary due to significant changes being required to the document following revised guidance becoming available during the year.

Cabinet was aware that, in accordance with the Constitution, the Resources and Services Overview and Scrutiny Committee had been consulted on the Updated Financial Forecast / initial budget proposals 2019/20. That Committee had met on 17 December 2018 and 3 January 2019 and its comments back to Cabinet were set out in the Finance and Corporate Resources Portfolio Holder’s report together with his responses thereto.

Having considered the information in the report and in order to allow the financial forecast and final budget proposals for 2019/20 to go forward to full Council in accordance with the requirements of the Council’s Constitution and legislation:

It was moved by Councillor G V Guglielmi, seconded by Councillor Stock OBE and:-

RESOLVED that Cabinet approves:-

(a)   The latest financial forecast set out in Appendix A;  ...  view the full minutes text for item 100