Agenda item

Draft Budget, Medium Term Plan and Capital Strategy

To consider the Draft General Fund and Housing Revenue Account 2018-19 revenue and capital estimates and the Draft Financial Medium Term Plan (for Recommendation to Council) (report of the Portfolio Holder Finance and the Executive Director Commercialisation (S151 Officer) enclosed).



Consideration was given to the joint report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) on the Draft General Fund and Housing Revenue Account 2018-19 revenue and capital estimates and the Draft Financial Medium Term Plan, to be recommended to full Council. 


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


·         Appendix A         Draft Budget 2018-19 and Medium Term Financial Plan                                 2018-19 to 2021-22

·         Appendix B         Draft General Fund Summary

·         Appendix C         Spalding Special Expenses 2018-19

·         Appendix D         General Fund Reserves

·         Appendix E -       Capital Programme 2017/18 to 2021/22

·         Appendix F         Capital Strategy Draft 2018/19

·         Appendix G         Treasury Management Policy Statement 2018/19: and                                    Treasury Management Strategy Statement, Minimum                                                 Revenue ProvisionPolicy Statement and Annual                                                 Investment Strategy 2018/19

·         Appendix H         Fees and Charges 2017-18 estimates


The joint meeting of the Performance Monitoring Panel and Policy Development Panel had considered the budget and had stated that future budget development must be targeted at increased levels of income generation rather that cuts to budgets.  Cabinet members agreed that it was important for the Authority to accelerate income generation, and it was confirmed that work on this was underway. 




That delegated authority be given to the Executive Director Commercialisation (s151), in consultation with the Portfolio Holder for Finance, to make any necessary amendments to the budget prior to council due to late notifications.




a)    That the revenue estimates for the General Fund, Housing Revenue Account and Spalding Special Expenses for 2018-19 (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 2017-18 rent with effect from Monday 2nd April 2018. This is 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 2018;


e)    That the Council Tax for a Band A property in 2018-19 be set at £113.22, a £3.33 per annum increase on 2017-18 levels (Band D £169.83, a £4.99 per annum increase on 2017-18 levels);


f)     That the Spalding special expense for a Band A property be set at £15.99, £15.38 in 2017-18 (Band D £23.99, £23.07 in 2017-18);


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; and


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


(Other options considered:

·         No alternative options were presented however, amendments could be made by Cabinet before release to Council.

Reasons for decision:

·         To comply with the budget and policy framework).

Supporting documents: