Decision details

The Executive requested that it be made clear that the reference to a Council Tax increase of 2.99% was for modelling purposes and the final decision would not be made until the Council meeting on 28 February.

        Attention was drawn to the requirement for the Council (via the Executive) to approve the level of estimated 2018/19 business rates it would receive by 31 January each year. However the timing of the announcement of the Government settlement on the 19 December together with information on the business rates pilots had meant that there was not enough time to complete a report for the January Executive. It was therefore recommended that this was delegated to the Assistant Director (Finance and Estates) following consultation with the Portfolio Holder for Resources. 

        With reference to the New Homes Bonus (NHB), Members expressed the view that they would favour funding for Neighbourhood Wardens and the work addressing domestic violence to be included in the mainstream budget as the amount of NHB had been reduced by the Government and a threshold of a 40% increase in the number of homes had to be reached before any award was given.  It was noted that this latter provision had not been included in the Government’s consultation document on NHB.

It was RESOLVED:

1.  That the 2017/18 revised net expenditure on the General Fund of £10,571,020 be approved.

2. That a draft General Fund Budget for 2018/19 of £9,126,090 be proposed for consultation purposes, with a contribution from balances of £838,986 and a Band D Council Tax of £204.46 (assuming a 2.99% increase) be approved for modelling purposes.

3. That the updated position on the General Fund Medium Term Financial Strategy (MTFS), as shown at Appendix A and the Risk Assessments of General Fund Balances, as shown at Appendix B to this report, be approved.

4. That a minimum level of General Fund reserves of £2,790,089, in line with the 2018/19 risk assessment of balances, as shown at Appendix B to this report, be approved. 

5. That the contingency sum of £400,000 within which the Executive can approve supplementary estimates, be approved for 2018/19, (unchanged from 2017/18).

6. That the 2018/19 proposed Fees and Charges increase of £134,160 (Appendix C to this report) be included in the draft budget.

7. That the 2018/19 proposed concessions (Appendix D to this report) be approved.

8. That the 2018/19 proposed Financial Security Options of £342,399 (Appendix E to this report) be included in the draft budget for consideration by the Overview & Scrutiny Committee.

9. That the 2018/19 proposed Growth options of £430,371 (Appendix F to this report) be included in the draft budget for consideration.

10. That the approval of the level of business rates (NNDR1) for 2018/19 is delegated to the Assistant Director (Finance and Estates), following consultation with the Resources Portfolio Holder (paragraph 4.6.5 of the report refers).

11.  That any 2018/19 business rate gains above the baseline assessment are ring fenced for town centre regeneration (SG1), paragraph 4.6.5 of the report refers.

12. That new capital receipts and unspent revenue balances (above the £350,000 transferred to the capital reserve) are earmarked for the Council’s and residents’ top priority, town centre regeneration.

13. That the decisions taken on recommendations 2.2 – 2.9 above be referred to the Overview and Scrutiny Committee for consideration in accordance with the Budget and Policy Framework rules in the Council’s Constitution.

Reason for Decision:  As contained in the report.

Other Options Considered:  As contained in the report.