Agenda item

To consider the head of finance’s report. 

Cabinet considered the head of finance’s report.  This brought together all relevant information to allow Cabinet to recommend to Council a revenue budget for 2017/18 and a capital programme for 2017/18 to 2021/22.  The Medium Term Financial Plan was included, which provided details of the forward budget model for the next five years.  The report also recommended the prudential indicators to be set by the Council in accordance with ‘the Prudential Code’, introduced as part of the Local Government Act 2003. 

The budget preparation had brought a number of challenges around new homes bonus and the new operating environment but Cabinet thanked the officers for their work.  The budget included a £5 increase in council tax per Band D property, in line with government expectation.  This would allow the council to be more prudent in the medium term financial plan.  Cabinet noted that this would be the first council tax increase it had recommended in the past six years. 

RECOMMENDED: to Council to

(a)       set the revenue budget for 2017/18 as set out in appendix A.1 to the head of finance’s report to Cabinet on 3 February 2017;

(b)       approve the capital programme for 2017/18 to 2021/22 as set out in appendix D.1 to the head of finance’s report, together with the capital growth bids set out in appendix D.2 of the head of finance’s report;

(c)       set the council’s prudential limits as listed in appendix E to the head of finance’s report; and

(d)       approve the medium term financial plan to 2021/22 as set out in appendix F.1 to the head of finance’s report. 

RESOLVED: to

(e)       agree that the head of finance, following consultation with the cabinet member for finance, may make minor adjustments to this report and the prudential indicators should they prove necessary following the publication of the final local government settlement and prior to its submission to Council on 15 February 2017.