Decision details

(a)      That subject to the items below, approval be given to the Medium Term Financial Strategy (MTFS) which incorporates the recommended revenue budget for 2019/20 totalling £377m as set out in Appendices A, B and E of this report and includes the growth and savings for that year as set out in Appendix C;

 

(b)      That approval be given to the projected provisional revenue budgets for 2020/21, 2021/22 and 2022/23 set out in Appendix B to the report, including the growth and savings for those years as set out in Appendix C, allowing the undertaking of preliminary work, including business case development, consultation and equality impact assessments, as may be necessary towards achieving the savings specified for those years including savings under development, set out in Appendix D;

 

(c)      That approval be given to the early achievement of savings that are included in the MTFS as may be necessary, along with associated investment costs, subject to the Director of Corporate Resources agreeing to funding being available;

 

(d)      That the level of earmarked funds as set out in Appendix K be noted and the use of those earmarked funds as indicated be approved; 

 

(e)      That the amounts of the County Council's Council Tax for each band of dwelling and the precept payable by each billing authority for 2019/20 be as set out in Appendix L (including 1% for the adult social care precept) be approved;

 

(f)       That the Chief Executive be authorised to issue the necessary precepts to billing authorities in accordance with the budget requirement above and the tax base notified by the District Councils, and to take any other action which may be necessary to give effect to the precepts;

 

(g)      That approval be given to the 2019/20 to 2022/23 capital programme as set out in Appendix F;

 

(h)      That the Director of Corporate Resources following consultation with the Lead Member for Resources be authorised to approve new capital schemes, including revenue costs associated with their delivery, which are shown as future developments in the capital programme, to be funded from funding available;

 

(i)       That the financial indicators required under the Prudential Code included in Appendix M, Annex 2, be noted and that the following limits be approved:

 

 

 

 

 

 

(j)       That the Director of Corporate Resources be authorised to effect movement within the authorised limit for external debt between borrowing and other long-term liabilities;

 

(k)      That the following borrowing limits be approved for the period 2019/20 to 2022/23:

 

          (i)       Upper limit on fixed interest exposures 100%,

                    (ii)      Upper limit on variable rate exposures 50%,

          (iii)      Maturity of borrowing:-

 

 

(l)       That the Director of Corporate Resources be authorised to enter into such loans or undertake such arrangements as necessary to finance capital payments in 2019/20, subject to the prudential limits in Appendix M;

 

(m)     That the Treasury Management Strategy Statement and the Annual Investment Strategy for 2019/20, as set out in Appendix M, be approved including:

 

(i)       the Treasury Management Policy Statement (Appendix M, Annex 4), and

(ii)      the Annual Statement of the Annual Minimum Revenue Provision (Appendix M, Annex 1); 

 

(n)      That the Risk Management Policy and Strategy (Appendix I) be approved;

 

(o)      That the Capital Strategy (Appendix G), Corporate Asset Investment Fund Strategy (Appendix H) and Earmarked Funds Policy (Appendix J) be approved;

(p)      That it be noted that the partners of the Leicester and Leicestershire Business Rate Pool have agreed to continue with the arrangements for 2019/20 and to operate the 75% business rates retention pilot;

 

(q)      That the Director of Corporate Resources following consultation with the Lead Member for Resources be authorised to make any changes to the provisional MTFS which may be required as a result of changes arising between the Cabinet and County Council meetings, noting that any changes will be reported to the County Council.

 

(KEY DECISION)

 

REASONS FOR DECISION:

 

To enable the County Council to meet its statutory requirements with respect to setting a budget and Council Tax precept for 2019/20, to allow efficient financial administration during 2019/20 and to provide a basis for the planning of services over the next four years.