Agenda item

Draft Budget, Medium Term Plan and Capital Strategy

To consider the General Fund and Housing Revenue Account 2017-18 draft revenue and capital estimates and the draft Financial Medium Term Plan (joint report of the Portfolio Holder for Finance and the Executive Director for Commercialisation (S151) – Appendices D to H enclosed).

Minutes:

Consideration was given to the joint report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) which sought consideration of the General Fund and Housing Revenue Account 2017-18 draft revenue and capital estimates and the draft Financial Medium Term Plan.

 

The following documents were appended to the report, which had been circulated with the agenda:

 

·         Appendix A – General Fund Budget 2017-18 and Financial Medium Term Plan 2017-18 to 2020-21

·         Appendix B – General Fund and Housing Revenue Account summary 2017-18 to 2020-21

·         Appendix C - Spalding Special Expenses

·         Appendix D - Reserves

·         Appendix E – General Fund Capital Programme 2017-18 to 2020-21

·         Appendix F - Capital strategy

·         Appendix G - Treasury Management Strategy Statement

·         Appendix H - Fees & Charges

 

Within Appendix A under New Homes Bonus, it was stated that no payment would be made on housing growth below 0.4% of the Council Tax base in each year.  It was requested that the value of this percentage be provided.

 

Draft Spalding Special Expenses for 2017/18 were attached at Appendix C.  It was stated that the Spalding Town Forum would wish to consider these figures at its next meeting and it was requested that these figures should be made available to them.

 

RECOMMENDED TO COUNCIL:

 

a)    That the revenue estimates for the General Fund, Housing Revenue Account and Spalding Special Expenses for 2017-18 (as set out in Appendices A, B and C) be approved;

 

b)    That the use of reserves as set out in Appendix D be approved;

 

c)    That Housing Revenue Account weekly dwelling rents reduce by 1% over the 2016-17 rent with effect from Monday 3 April 2017, in line with current government guidelines and legislation;

 

d)    That the fees and charges shown in Appendix H be approved for adoption from 1 April 2017;

 

e)    That the Council Tax for a Band A property in 2017-18 be set at £109.89, a £3.33 per annum increase on 2016-17 levels (band D £164.84, a £5 per annum increase on 2016-17 levels);

 

f)     That the Spalding special expense for a Band A property be set at £15.38, £15.33 in 2016-17 (Band D £23.07, £22.99 in 2016-17);

 

g)    That the Medium Term Financial Plan (Appendices A and B) be approved;

 

h)   That the capital strategy and capital programme (Appendices E and F) be approved;

 

i)     That the Treasury Management Strategy, including the Minimum Revenue Provision policy and annual investment strategy in Appendix G be approved; and

 

DECISION:

 

j)      That delegated authority be given to the Executive Director Commercialisation (S.151), in consultation with the Portfolio Holder for Finance, to make any necessary amendments to the budget prior to Council due to late notifications.

 

(Other options considered:

·         To note the report and to approve the recommendation with amendments; or

·         To note the report and not approve the recommendation.

Reasons for decision:

·         To comply with the budgetary and policy framework.)

Supporting documents: