Issue - meetings

Report of the Cabinet Member for Finance providing an update to the Medium Term Financial Strategy and Budget, approved by Council in February 2017, for the period of 2017/18 to 2020/21.

DECISION MADE:  (CAB 17/18  19635)

On consideration of the report of the Cabinet Member for Finance, Cabinet agreed the following:

(i)  To note that any implications of announcements made in the Autumn Statement on the Councils position will be included in the MTFS update to Council in February 2018.

(ii)  To note that the report identifies potential additional general fund pressures totalling £5.87M as detailed in paragraphs 21 to 24 along with the proposed funding mitigations.

(iii)  To note that further proposals will need to be considered to address the 2019/20 and future years budget gap and that a further update will be provided in the update of the MTFS report to Council in February 2018.

  To note the position on the Housing Revenue Account as detailed in paragraphs 42 to 51 including the need to make savings of £3.94M in 2018/19.

(iv)  To note that should any formal budget consultation be required it will be undertaken as necessary.

(v)  To note that if any budget proposals impact on staffing, consultation will be undertaken in line with legislation and the Councils agreed processes before proposals are implemented.

(vi)  To note and ratify the decision to submit a Business Rate Pilot application for 2018/19 as part of a pool with Portsmouth City Council and the Isle of Wight Council as detailed in paragraph 29.

(vii)  To delegate authority to the Service Director – Finance & Commercialisation (S151 Officer), following consultation with the Cabinet Member for Finance, to do anything necessary to give effect to the proposals contained in this report.