Agenda item

Report of Chief Executive (Copy herewith)

2.1         Cabinet considered and welcomed feedback from consultation with the public, organisations and the Overview and Scrutiny and Audit Committees (detailed at Appendices 1, 2 and 3 of the report).

2.2         Cabinet agreed the changes to the proposed budget (detailed at paragraph 3.2.22), in light of technical adjustments and the Local Government Funding Settlement.

2.3         Cabinet recommended to Council the General Fund Revenue Budget for 2017/18 of £28.015m (excluding parishes) for its own purposes (detailed in paragraph 3.2.23 and Appendices 4 and 5 of the report).

2.4         Cabinet recommended that 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.

2.5         Cabinet recommended to Council that they approve the General Fund Capital Programme and proposed financing for 2017/18, including the inclusion of schemes in the Development Pool, as set out in Appendix 6 of the report.

2.6         Cabinet noted the enhanced capital governance arrangements described in paragraph 3.2.31 and 3.2.32 of the report

2.7         Cabinet recommended to Council to confirm a minimum level of General Fund reserves of £5.5m for 2017/18, having regard to the outcome of the financial risk assessment, and also note the position on earmarked reserves (Appendix 7 of the report).

2.8         Cabinet delegated authority to the Chief Finance Officer in consultation with the Chief Executive and 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.

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

2.10      Cabinet recommended to Council that they approve the Treasury Management  Strategy for 2017-18 at Appendix 10 of this report: incorporating:

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

·           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.

·           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.

2.11      Cabinet delegated authority 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.

2.12      Cabinet delegated authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 27^th February 2017, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.

Councillor Stone questioned why the Council had not signed up to the municipal backing scheme and asked if there was an intention to do so. She reported that she considered there to be some high risks in future years, compared to the current budget and suggested that a risk register be produced for loans and investments with SEMLEP to mitigate and manage risks. She further stated that more needed to be done in order to contain the number of interim staff and the use of consultants.

Councillor Birch questioned what plans were being put into place to ensure that the Community Empowerment Fund be utilised and how it could be beneficial to the maximum number of people and projects.

Councillor Eldred, as the relevant Cabinet Member. Commented that the risks mentioned by Councillor Stone were well documented throughout the report and that the administration continued to work with Auditors to asses investment and borrowing. He further noted that they were examining ways to increase investments in the future in an attempt to ensure that they received better returns than currently received. He further reported that the Council had given over £0.5million through CEFAP and that numerous Community projects had received c\ash injections \as a result,

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 the report).

2.2         That the changes to the proposed budget (detailed at paragraph 3.2.22), in light of technical adjustments and the Local Government Funding Settlement be agreed.

2.3         That the General Fund Revenue Budget for 2017/18 of £28.015m (excluding parishes) be recommended for its own purposes (detailed in paragraph 3.2.23 and Appendices 4 and 5 of the report).

2.4         That 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.

2.5         That Council approve the General Fund Capital Programme and proposed financing for 2017/18, including the inclusion of schemes in the Development Pool, as set out in Appendix 6 of the report.

2.6         That the enhanced capital governance arrangements described in paragraph 3.2.31 and 3.2.32 of the report be noted

2.7         That Council be recommended to confirm a minimum level of General Fund reserves of £5.5m for 2017/18, having regard to the outcome of the financial risk assessment, and also note the position on earmarked reserves (Appendix 7 of the report).

2.8         That authority be delegated to the Chief Finance Officer in consultation with the Chief Executive and 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.

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

2.10      That Council be recommended to approve the Treasury Management  Strategy for 2017-18 at Appendix 10 of this report: incorporating:

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

·           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.

·           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.

2.11      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.

2.12      That authority be delegated to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 27^th February 2017, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.