Decision details

The Cabinet will be asked to consider the proposals for the 2017/2018 budget and Medium Term Financial Strategy, prior to its approval by Council.  This report includes the Minimum Revenues Provision (MRP) Policy and Prudential Indicators.

RECOMMENDED TO COUNCIL: (22 February 2017)

That:-

1.           The revenue and capital budget for 2017-2021 contained in  Attachment A to Report No: CAB/FH/17/008 and as detailed in Attachment D, Appendices 1-5 and Attachment E, be approved.

2.           Having taken into account the conclusions of the Assistant Director (Resources and Performance) report on the adequacy of reserves and the robustness of budget estimates (Attachment C) and the Medium Term Financial Strategy (MTFS) (Attachment D), particularly the Scenario Planning and Sensitivity Analysis (Attachment D, Appendix 5) and all other information contained in Report No: CAB/FH/17/008, Cabinet recommends a 3.6% increase (equates to £4.95 for an average Band D property) in Council Tax for 2017/2018 .  The level of Band D Council Tax for 2017/2018, therefore, be set at £142.38. 

          (Note: the level of Council Tax beyond 2018 will be set in accordance with the annual budget process for the relevant financial year.).

3.           The Assistant Director (Resources and Performance), in consultation with the Portfolio Holder for Resources and Performance, be authorised to transfer any surplus from the 2016/2017 revenue budget to the Invest to Save Reserve as detailed in paragraph 1.11.4, and to vire funds between existing Earmarked Reserves (as set out at Attachment D, Appendix 3) as deemed appropriate throughout the year.

4.           The Discretionary Business Rates Relief awarded for local newspapers as detailed in paragraphs 1.4.2.1 to 1.4.2.3 to Report No: CAB/FH/17/008, be approved.