Agenda item

Cabinet:

·       Noted the updated national financial context for local government, in year financial performance and the projected budget gap over the period 2019/20 to 2022/23 as set out in sections 1 and 2 of the report and the period 6 (September 2018) and of year forecast position set out in section 3.

·       Noted the assumptions which underpin the forecast.

·       Approved savings proposals for 2019/20 of £8.702m as set out in section 4 and Appendices B (£0.770m), C (£3.156m) and D (£4.776m), having considered the consultation feedback set out in Appendices E and F.

·       Approved the launch of consultation on the measures included in the Improving Traffic Flows project as set out in Appendix D.

·       Approved thegrowth proposal for 2019/20 of £1 million to fund the revenue costs of the £10 million capital investment in the Highways Investment Programme for 2019/20, as set out in section 4, having considered the consultation feedback set out in Appendices E and F.

·       Approved the updated 5 year Capital Programme in Section 6 for recommendation onto full Council for agreement in January 2019.

·       Noted the timetable and process for developing, reporting and considering the 2019/20 budget and MTFS as set out in section 7.

Councillor Roger Ramsey, Cabinet Member for Finance & Property, introduced the report.

The report presented an overview of the national economic and financial environment within which all local authorities were currently developing their financial plans for the next 4 years. It set out the complex range of factors affecting local authority forecast funding streams, expenditure pressures and the Council’s position in relation to these matters.

The report also set out the Council’s current financial situation and its approach to achieving financial balance over the period 2019/20 to 2022/23.

The report consisted of the following sections:

•           Policy and strategic context (section 1)

•           Summary of the national context (section 2)

•           Update on the 2018/19 budget position (section 3)

•           Update on the Medium Term Financial Strategy (section 4)

•           Update on the consultation with residents undertaken over the last year (section 5)

•           Update on the capital programme (section 6)

•           Timetable and next steps (section 7)

Reasons for the decision:

The Council is required to set a balanced budget in advance of the beginning of each financial year. This report sets out progress in reaching the balanced budget for 2019/20 and sets out the Council’s future plans for balancing the budget from 2020/21 to 2022/23.

Other options considered:

The report outlines all the options identified so far for balancing the 2019/20 budget. There is still a budget gap even if these options are approved and therefore officers will continue to seek further options for balancing not just next year’s budget but also the budgets for 2020/21 to 2022/23.

Cabinet:

·        Noted the updated national financial context for local government, in year financial performance and the projected budget gap over the period 2019/20 to 2022/23 as set out in sections 1 and 2 of the report and the period 6 (September 2018) and of year forecast position set out in section 3.

·        Noted the assumptions which underpin the forecast.

·        Approved savings proposals for 2019/20 of £8.702m as set out in section 4 and Appendices B (£0.770m), C (£3.156m) and D (£4.776m), having considered the consultation feedback set out in Appendices E and F.

·        Approved the launch of consultation on the measures included in the Improving Traffic Flows project as set out in Appendix D.

·        Approved thegrowth proposal for 2019/20 of £1 million to fund the revenue costs of the £10 million capital investment in the Highways Investment Programme for 2019/20, as set out in section 4, having considered the consultation feedback set out in Appendices E and F.

·        Approved the updated 5 year Capital Programme in Section 6 for recommendation onto full Council for agreement in January 2019.

·        Noted the timetable and process for developing, reporting and considering the 2019/20 budget and MTFS as set out in section 7.