Issue - meetings

The Cabinet considered a report of the Director of Corporate Resources setting out the proposed Medium Term Financial Strategy for 2019/20 to 2022/23 (MTFS), following consideration of the draft MTFS by the Overview and Scrutiny bodies and receipt of the Local Government Finance Settlement.  A copy of the report, marked ‘4’, is filed with these minutes.

Mr. Rhodes CC thanked everyone who had responded to the consultation and in particular the Overview and Scrutiny Committees and the Scrutiny Commission (the views of which were set out in Appendix O to the report).  Mr. Rhodes said that the Council had anticipated the reductions in local government funding and planned accordingly with the result that, unlike many other councils, it could balance its budget for the next two years without needing to borrow or use its reserves. 

RESOLVED:

(a)      That subject to the items below, approval be given to the Medium Term Financial Strategy which incorporates the recommended revenue budget for 2019/20 totalling £377m as set out in Appendices A, B and E of the 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)  ...  view the full minutes text for item 243