Issue - meetings

[To consider and determine the Council’s budgetary provisions for the forthcoming

municipal year:

• Capital Programme 2016/17 to 2020/21 quarter three review and 2017/18 to 2021/22 budget strategy
• Treasury Management Strategy 2017/18
• 2017/18 Budget and Medium Term Financial Strategy 2017/18 – 2019/20
• Council Tax Formal Resolutions]

1.     That the revised medium term General Fund capital programme of £314.5 million, an increase of £14.5 million from the previously approved programme, reflecting the latest projected expenditure for the medium term be approved.

2.     That the additional resources for twelve new and eight existing General Fund projects totalling £14.5 million be approved.

3.     That the authorised borrowing limit for 2017/18 as required under Section 3(1) of the Local Government Act 2003 be set at £1,024.1 million (PI 5, appendix C) be approved.

4.     That the Treasury Management Strategy Statement 2017/18 as set out in appendix A to the Cabinet report be approved.

5.     That the Annual Investment Strategy 2017/18 as set out in appendix B to the Cabinet report be approved.

6.     That the Prudential and Treasury Management Indicators as set out in appendix C to the Cabinet report be approved.

7.     That the Annual Minimum Revenue Provision (MRP) Statement setting out the method used to calculate MRP for 2017/18 onwards as set out in appendix D to the Cabinet report be approved.

8.     That the Treasury Management Policy Statement and Treasury Management Practices as set out in appendix F to the Cabinet report be approved.

9.     That authority continues to be delegated to the Director of Finance to amend the Treasury Management Policy and Practices and any corresponding changes required to the Treasury Management Strategy, the Prudential and Treasury Management Indicators, the Investment Strategy and the Annual MRP Statement to ensure they remain aligned. Any amendments will be reported to the Cabinet Member for Resources and Cabinet (Resources) Panel as appropriate.

10. That the net budget requirement for 2017/18 of £216.2 million for General Fund services (paragraph 13.4 of the Cabinet report) be approved.

11. That the Medium Term Financial Strategy 2017/18 to 2019/20 as detailed in Table 6 and the budget preparation parameters underpinning the MTFS as detailed in Appendix A to the Cabinet report be approved.

12. That the budget allocation for Adult Social Care outlined in the report in accordance with the Minimum Funding Level for Adult Social Care (section 11.0 of the Cabinet report) be approved.

13. That a Council Tax for Council services in 2017/18 of £1,481.12 for a Band D property, being an increase of 3.99% on 2016/17 levels, which incorporates the 2% increase in relation to Adult Social Care (paragraph 7.3 of the Cabinet report) be approved.

14. That work starts on developing budget reductions for 2018/19 and progress be reported to Cabinet in July 2017 (paragraph 13.5 of the Cabinet report) be approved.

15. That it be noted that the Council Tax base for the year 2017/18 is calculated at 61,397.45 (Item T in the formula in Section 31B of the Local Government Finance Act 1992, as amended (the “Act”), as reported to Cabinet on 18 January 2017.

16. Calculate that the Council Tax requirement for the Council’s own purposes for 2017/18 is £90,937,000.

17. That the following amounts be calculated for the year 2017/18 in accordance with Sections 30 to 36 of the Local  ...  view the full decision text for item 5

Councillor Roger Lawrence presented the annual capital budget, treasury management strategy and revenue budget and statutory formal Council Tax resolution. He went on to outline the content of the report, drawing Councillors attention to the challenges that the Council faced.

Councillor Roger Lawrence proposed and Councillor Andrew Johnson seconded the recommendations.

Councillor Wendy Thompson provided the principle speech in response to the budget report.

Council commended the work of the Finance Team.

Upon being put to the meeting, and a division been required, voting thereon was as follows:

Resolved:

1.     That the revised medium term General Fund capital programme of £314.5 million, an increase of £14.5 million from the previously approved programme, reflecting the latest projected expenditure for the medium term be approved.

2.     That the additional resources for twelve new and eight existing General Fund projects totalling £14.5 million be approved.

3.     That the authorised borrowing limit for 2017/18 as required under Section 3(1) of the Local Government Act 2003 be set at £1,024.1 million (PI 5, appendix C) be approved.

4.     That the Treasury Management Strategy Statement 2017/18 as set out in appendix A to the Cabinet report be approved.

5.     That the Annual Investment Strategy 2017/18 as set out in appendix B to the Cabinet report be approved.

6.     That the Prudential and Treasury Management Indicators as set out in appendix C to the Cabinet report be approved.

7.     That the Annual Minimum Revenue Provision (MRP) Statement setting out the method used to calculate MRP for 2017/18 onwards as set out in appendix D to the Cabinet report be approved.

8.     That the Treasury Management Policy Statement and Treasury Management Practices as set out in appendix F to the Cabinet report be approved.

9.     That authority continues to be delegated to the Director of Finance to amend the Treasury Management Policy and Practices and any corresponding changes required to the Treasury Management Strategy, the Prudential and Treasury Management Indicators, the Investment Strategy and the Annual MRP Statement to ensure they remain aligned. Any amendments will be reported to the Cabinet Member for Resources and Cabinet (Resources) Panel as appropriate.

10. That the net budget requirement for 2017/18 of £216.2 million for General Fund services (paragraph 13.4 of the Cabinet report) be approved.

11. That the Medium Term Financial Strategy 2017/18 to 2019/20 as detailed in Table 6 and the budget preparation parameters underpinning the MTFS as detailed in Appendix A to the Cabinet report be approved.

12. That the budget allocation for Adult Social Care outlined in the report  ...  view the full minutes text for item 5

[To approve matters and recommend the Budget to Full Council.]

That Council be recommended to:

1.   Approve the net budget requirement for 2017/18 of £216.2 million for General Fund services (paragraph 13.4).

2.   Approve the Medium Term Financial Strategy 2017/18 to 2019/20 as detailed in Table 6 and the budget preparation parameters underpinning the MTFS as detailed in Appendix A.

3.   Approve the budget allocation for Adult Social Care outlined in the report in accordance with the Minimum Funding Level for Adult Social Care (section 11.0).

4.   Approve a Council Tax for Council services in 2017/18 of £1,481.12 for a Band D property, being an increase of 3.99% on 2016/17 levels, which incorporates the 2% increase in relation to Adult Social Care (paragraph 7.3).

5.   Approve that work starts on developing budget reductions for 2018/19 and progress be reported to Cabinet in July 2017 (paragraph 13.5).

1. That the changes to the 2017/18 draft budget for General Fund services, since the draft budget was last reported to Cabinet on 18 October 2016, as detailed in sections 3 to 12 and summarised in Appendix A be approved.

2. That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance to amend the budget, to reflect any changes arising out of the final settlement, for presentation to Council (paragraph 3.3).

3. That the responses made after consideration of the outcome of the budget consultation (section 10.0) be approved.

4. That the budget for 2017/18 is in balance without the use of general reserves (paragraph 13.3) be noted.

5. That it be noted that, in the opinion of the Director of Finance (Section 151 Officer), the 2017/18 budget estimates are robust (paragraph 13.4).

6. That it be noted that, the Council’s arrangements with the West Midlands Pension Fund has been subject to a recent triennial review which will cover pension payments covering the period from 2017/18 to 2019/20. Discussions have been held with the Fund and its actuary over the course of the last year and final agreement has been reached on employer pension payments to the Fund for the next three years. The agreed payments have been built into this budget and the authority’s medium term financial plans (paragraph 5.2).

7. That it be noted that, in accordance with delegated authority as approved by Cabinet on 19 October 2016, the Cabinet Member for Resources in consultation with the Director of Finance will continue to consider further opportunities to accelerate contribution payments to the West Midlands Pension Fund to secure additional savings (paragraph 5.4).

8. That it be noted that, in the opinion of the Director of Finance (Section 151 Officer), the proposed levels of reserves, provisions and balances is adequate in respect of the forthcoming financial year (paragraph 14.4).

9. That it be noted that a further £20.5 million needs to be identified over the period 2018/19 to 2019/20 in order to address the projected budget deficit (paragraph 13.6).

10. That it be noted that, due to external factors, budget assumptions remain subject to significant change,  ...  view the full decision text for item 7

Councillor Andrew Johnson presented the 2017/18 Budget and Medium Term Financial Strategy 2017/18 – 2019/20, which would be subject to debate at the next meeting of Full Council. It was noted that, following discussions with the Department for Communities and Local Government, additional funding would not be received from the final local government finance settlement.

Resolved:

That Council be recommended to:

1.    Approve the net budget requirement for 2017/18 of £216.2 million for General Fund services (paragraph 13.4).

2.    Approve the Medium Term Financial Strategy 2017/18 to 2019/20 as detailed in Table 6 and the budget preparation parameters underpinning the MTFS as detailed in Appendix A.

3.    Approve the budget allocation for Adult Social Care outlined in the report in accordance with the Minimum Funding Level for Adult Social Care (section 11.0).

4.    Approve a Council Tax for Council services in 2017/18 of £1,481.12 for a Band D property, being an increase of 3.99% on 2016/17 levels, which incorporates the 2% increase in relation to Adult Social Care (paragraph 7.3).

5.    Approve that work starts on developing budget reductions for 2018/19 and progress be reported to Cabinet in July 2017 (paragraph 13.5).

1. That the changes to the 2017/18 draft budget for General Fund services, since the draft budget was last reported to Cabinet on 18 October 2016, as detailed in sections 3 to 12 and summarised in Appendix A be approved.

2. That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance to amend the budget, to reflect any changes arising out of the final settlement, for presentation to Council (paragraph 3.3).

3. That the responses made after consideration of the outcome of the budget consultation (section 10.0) be approved.

4. That the budget for 2017/18 is in balance without the use of general reserves (paragraph 13.3) be noted.

5. That it be noted that, in the opinion of the Director of Finance (Section 151 Officer), the 2017/18 budget estimates are robust (paragraph 13.4).

6. That it be noted that, the Council’s arrangements with the West Midlands Pension Fund has been subject to a recent triennial review which will cover pension payments covering the period from 2017/18 to 2019/20. Discussions have been held with the Fund and its actuary over the course of the last year and final agreement has been reached on employer pension payments to the Fund for the next three years. The agreed payments have been built into this budget and the authority’s medium term financial plans (paragraph 5.2).

7. That it be noted that, in accordance with delegated authority as approved by Cabinet on 19 October 2016, the Cabinet Member for Resources in consultation with the Director of Finance will continue to consider further opportunities to accelerate contribution payments to the West Midlands Pension Fund to secure additional savings (paragraph 5.4).

8. That it be noted that, in the opinion of the Director of Finance (Section 151 Officer), the proposed levels of reserves, provisions and balances is adequate  ...  view the full minutes text for item 7