Agenda item

B Report of the Interim Chief Executive (Copy herewith)

2.1         Cabinet considered and welcomed the feedback from consultation with the public, organisations and the Overview and Scrutiny and Audit Committees (detailed at Appendices 9, 10 and 11 of the report).

2.2         Cabinet agreed the changes to the proposed budget (detailed at paragraph 3.2.14 of the report), in light of technical adjustments and the Local Government Funding Settlement.

2.3         Cabinet recommended to Council the General Fund Revenue Budget for 2018/19 of £27.360m (excluding parishes) for its own purposes (detailed in paragraph 3.2.13 and Appendices 1 and 2 of the report).

2.4         Cabinet agreed that the Council be recommended to increase the Council Tax for its own purposes, i.e. excluding County, Police and Parish Precepts, by £6.37 (2.99%) per year per band D property for 2018/19.

2.5         Cabinet recommended to Council that they approve the General Fund Capital Programme and proposed financing for 2018/19, including the inclusion of schemes in the Development Pool, as set out in Appendix 4.

2.6         Cabinet agreed that Council be recommended to confirm a minimum level of General Fund reserves of £5.5m for 2018/19, having regard to the outcome of the financial risk assessment, and also noted the position on earmarked reserves (Appendix 7 of the report).

2.7         Cabinet delegated authority 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.

2.8         Cabinet approved the draft Fees and Charges set out in Appendix 8, including immediate implementation where appropriate.

2.9         Cabinet recommended to Council that they approve the Treasury Management  Strategy for 2018/19 at Appendix 5 of this report: incorporating:

                    (i)        The Capital Financing and Borrowing Strategy for 2018/19 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 2018/19 as required by the Local Government Act 2003.

(ii) The Investment Strategy for 2018/19 as required by the CLG revised Guidance on Local Government Investments issued in 2010.

2.10      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.

2.11      Cabinet delegated authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 26^th February 2018, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.

Councillor Stone questioned why if a funding gap had been predicted was it being addressed as a savings need and Councillor Birch commented that £70k had been allocated to the Cabinet and questioned how that would be administered and monitored.

Councillor Smith commented that she had some concerns about the use of the reserves and noted that lessons needed to be learned from the County Council. She further reported that the consultation was not far reaching enough and expressed her dissatisfaction that it did not appeal to a greater number of people.

Councillor Eldred, as the relevant Cabinet Member submitted his report and elaborated thereon. In response to questions asked, he commented that savings were being made to ensure the best deal for the public and to protect front line services and noted that investments would be a future focus in generating income for the Council. He responded to comments made about the consultation by noting that there had been radio interviews about it, drop in sessions arranged along with numerous other media notifications.

With regards to the Medium Term Financial Plan (MTFP) he stated there was a balanced budget for the next financial year and noted that there was still money in the reserves. He commented that there was on going investment for the St James Mill Link Road and Abington Park Museum and that the administration had to raise some costs in order to continue to provide certain services.

Councillor King noted that the £70k allocated to the Cabinet was for urgent decision to be made that were not able to go through CEFAP and commented that these would be closely monitored.

RESOLVED:

2.1         That the feedback from consultation with the public, organisations and the Overview and Scrutiny and Audit Committees (detailed at Appendices 9, 10 and 11 of the report) be considered and noted.

2.2         That the changes to the proposed budget (detailed at paragraph 3.2.14 of the report), in light of technical adjustments and the Local Government Funding Settlement be agreed

2.3         That it be recommended to Council the General Fund Revenue Budget for 2018/19 of £27.360m (excluding parishes) for its own purposes (detailed in paragraph 3.2.13 and Appendices 1 and 2 of the report).

2.4         That it be agreed that the Council be recommended to increase the Council Tax for its own purposes, i.e. excluding County, Police and Parish Precepts, by £6.37 (2.99%) per year per band D property for 2018/19.

2.5         That it be recommended to Council that they approve the General Fund Capital Programme and proposed financing for 2018/19, including the inclusion of schemes in the Development Pool, as set out in Appendix 4.

2.6         That it be agreed that Council be recommended to confirm a minimum level of General Fund reserves of £5.5m for 2018/19, having regard to the outcome of the financial risk assessment, and also noted the position on earmarked reserves (Appendix 7 of the report).

2.7         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.

2.8         That the draft Fees and Charges set out in Appendix 8, including immediate implementation where appropriate be approved.

2.9         That it be recommended to Council that they approve the Treasury Management  Strategy for 2018/19 at Appendix 5 of this report: incorporating:

                    (i)        The Capital Financing and Borrowing Strategy for 2018/19 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 2018/19 as required by the Local Government Act 2003.

(ii) The Investment Strategy for 2018/19 as required by the CLG revised Guidance on Local Government Investments issued in 2010.

2.10      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.

2.11      That authority be delegated to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 26^th February 2018, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.