Agenda item

 (Copy herewith)

Councillor Eldred submitted a report which reported on the outcome of the consultation process on the 2017/18 General Fund budget and the final formula grant settlement for 2017/18 and to agree the Cabinet’s recommendations for the General Fund revenue and capital budgets, the level of Council Tax increase for 2017/18 and indicative levels for 2018/19 to 2021/22. It also sought approval of the Treasury Management Strategy and Capital Strategy attached to the report.

Councillor Nunn seconded the report.

Councillor Stone proposed and Councillor Birch seconded amendments, on the attached supplementary document to the minutes.

There voted for the amendments:

Councillors Ashraf, Birch, Choudary, Chunga, Culbard, Davenport, Duffy, G Eales, T Eales, Gowen, Haque, Marriott, McCutcheon, Russell, Smith and Stone.

There voted against the amendments:

Councillors Ansell, Bottwood, Caswell, Eldred, Golby, Hadland, Hallam, Hibbert, J Hill, M Hill, Kilbride, Kilby-Shaw, King, Lane, Larratt, M Markham, Nunn, Oldham, Parekh, Patel, Sargeant and Walker.

There abstained: The Mayor, Councillors Beardsworth, B Markham and Meredith.

The amendment was lost.

Council debated the recommendations contained within the report.

There voted for the recommendations:

Councillors Ansell, Bottwood, Caswell, Eldred, Golby, Hadland, Hallam, Hibbert, J Hill, M Hill, Kilbride, Kilby-Shaw, King, Lane, Larratt, M Markham, Nunn, Oldham, Parekh, Patel, Sargeant and Walker.

There voted against the recommendations:

Councillors Ashraf, Beardsworth, Birch, Choudary, Chunga, Culbard, Davenport, Duffy, G Eales, T Eales, Gowen, Haque, b Markham, Marriott, McCutcheon, Meredith, Russell, Smith and Stone.

There abstained the Mayor.

The recommendations in the report were agreed.

RESOLVED:

2.1 That the feedback from consultation with the public, organisations and the

Overview and Scrutiny and Audit Committees be considered and welcomed

(detailed at Appendices 1, 2 and 3 of attached Cabinet report).

2.2 That a General Fund Revenue Budget for 2017/18 of £28.015m (excluding parishes) be approved (detailed in Appendices 4 and 5 of attached Cabinet report).

2.3 That the Council increase the Council Tax for its own purposes, i.e. excluding County, Police and Parish Precepts, by £5 per year per band D property for 2017/18.

2.4 That the Council approve the General Fund Capital Programme and proposed financing for 2017/18 as set out in Appendix 6 of attached Cabinet report.

2.5 That Council confirms the aim of maintaining a minimum level of General Fund reserves of £5.5m for 2017/18, having regard to the outcome of the financial risk assessment.

2.6 That authority be delegated to the Chief Finance Officer in consultation with the Cabinet Member for Finance, and where appropriate the relevant Director and Cabinet Member to:

·         Transfer monies to/from earmarked reserves should that become

necessary during the financial year.

·         Update prudential indicators in both the Prudential Indicators Report and

Treasury Strategy Report to Council, for any budget changes that impact

on these.

2.7 That the draft Fees and Charges set out in Appendix 9 of the attached Cabinet report be approved, including immediate implementation where appropriate.

2.8 That Council approve the Treasury Management Strategy for 2017/18 at

Appendix 10 of the attached Cabinet report: incorporating:

(i)            The Capital Financing and Borrowing Strategy for 2017/18 including:

o   The Council’s policy on the making of Minimum Revenue

Provision (MRP) for the repayment of debt, as required by the

Local Authorities (Capital Finance & Accounting) (England)

(Amendment) Regulations 2008.

o   The Affordable Borrowing Limit for 2017/18 as required by the

Local Government Act 2003.

(ii) The Investment Strategy for 2017/18 as required by the CLG revised

Guidance on Local Government Investments issued in 2010.

2.9 That authority be delegated to the Council’s Chief Finance Officer, in liaison with the Cabinet member for Finance, to make any temporary changes

needed to the Council’s borrowing and investment strategy to enable the

authority to meet its obligations.

2.10 That Council delegate authority to the Chief Executive, Directors and Chief Finance Officer to implement all budget options and restructures