Agenda item

(i)            That the progress on the completion of the Revenue and Capital Budgets and updated MTFS Funding Strategy for 2020/21 (Appendix 1) be noted.

(ii)          That the updated Medium Term Financial Strategy 2020/21 to 2024/25 (Appendix 2) be approved.

(iii)         That the strategy for ensuring a balanced revenue outturn position for 2019/20 be noted.

(iv)         That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2020/21 of £5 (2.55%) per Band D equivalent property be noted.

(v)          That the proposed Empty Homes Premium for long term empty properties (2-5 years 100%, 5-10 years 200% and 10 years plus 300%) be approved.

(vi)         That the proposed change in accounting policy for Minimum Revenue Provision from the straight line basis to the annuity basis (as per the draft Treasury Management Strategy) be noted.

(vii)        That the risk assessment at Appendix 3 and S151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2020/21 be noted.

(viii)       That the draft Flexible Use of Capital Receipts Strategy (Appendix 6), updated for 2020/21, be noted.

(ix)         That the draft Capital Strategy (Appendix 8) for 2020-30 be noted.

(x)          That the draft Treasury Management Strategy (Appendix 9) for 2020/21 be noted.

(xi)         That the draft Investment Strategy (Appendix 10) for 2020/21 be noted.

(xii)        That the draft Budget and Council Tax proposals be referred to Finance, Assets and Partnerships Scrutiny Committee for comment before the final proposals are considered at Cabinet on 4 February 2020.

A report was submitted to Cabinet which reviewed progress on the completion of the revenue and capital budgets for 2020/21 following agreement of the 5 year Medium Term Financial Strategy (MTFS) for 2020/21 to 2024/25.

The Portfolio Holder for Finance and Efficiency, Councillor Stephen Sweeney thanked everyone involved in the preparation of the budgets.

Members’ attention was drawn to paragraphs 3.2 of the report which outlined measures to meet budget shortfalls after 2020/21.

The table at paragraph 4.2 showed the factors giving rise to the revenue funding gap for 2020/21.  Paragraph 4.3 outlined savings and funding strategies for that period.

With regard to Council Tax, there would be a 2.55% rise amounting to £5 a year per band D property.

Councillor Sweeney advised that there had been 366 responses to the budget consultation.  The responses were broadly in line with what the Council was currently doing.

Members’ attention was drawn to paragraphs 8, 9 and 10- The Capital Strategy; Treasury Management Strategy and Investment Strategy.

The Leader thanked everyone who had been involved in the preparation of the budgets and strategies.  The Council was continuing to move forward.  The introduction of the new recycling scheme and the regeneration of the town centre being two of the many things to achieve this.

The Leader stated that the budget was balanced again this year and he fully endorsed the report.

Members fully supported the report stating that it was an imaginative budget with a prudent approach to the Council’s assets.

Resolved:     (i)         That the progress on the completion of the Revenue and

Capital Budgets and updated MTFS Funding Strategy for 2020/21 (Appendix 1) be noted.

(ii)          That the updated Medium Term Financial Strategy 2020/21 to 2024/25 (Appendix 2) be approved.

(iii)         That the strategy for ensuring a balanced revenue outturn position for 2019/20 be noted.

(iv)         That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2020/21 of £5 (2.55%) per Band D equivalent property be noted.

(v)          That the proposed Empty Homes Premium for long term empty properties (2-5 years 100%, 5-10 years 200% and 10 years plus 300%) be approved.

(vi)         That the proposed change in accounting policy for Minimum Revenue Provision from the straight line basis to the annuity basis (as per the draft Treasury Management Strategy) be noted.

(vii)        That the risk assessment at Appendix 3 and S151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2020/21 be noted.

(viii)       That the draft Flexible Use of Capital Receipts Strategy (Appendix 6), updated for 2020/21, be noted.

(ix)         That the draft Capital Strategy (Appendix 8) for 2020-30 be noted.

(x)          That the draft Treasury Management Strategy (Appendix 9) for 2020/21 be noted.

(xi)         That the draft Investment Strategy (Appendix 10) for 2020/21 be noted.

(xii)        That the draft Budget and Council Tax proposals be referred to Finance, Assets and Partnerships Scrutiny Committee for comment before the final proposals are considered at Cabinet on 4 February 2020.