Issue - meetings

Division/Wards Affected: All

Purpose: To highlight the context within which the Medium Term Financial Plan (MTFP) will be developed for 2018/19 to 2021/22.

To agree the assumptions to be used to update the MTFP, and provide an early indication of the level of budget savings still to be found.

To update Members with the implications arising out of the provisional settlement announcement of Welsh Goverrnment.

To consider the 2018/19 budget within the context of the 4 year Medium Term Financial Plan (MTFP) to be incorporated within the emergent Corporate Plan

To provide detailed draft proposals on the budget savings required to meet the gap between available resources and need to spend in 2018/19, for consultation purposes.

Author: Mark Howcroft - Assistant Head of Finance

Contact Details: markhowcroft@monmouthshire.gov.uk

That the budget assumptions outlined in paragraphs 3.11 to 3.16 in the report are agreed and updated during the budget process should better information become available.

That Cabinet acknowledges the draft response to the Welsh Government on the provisional settlement (Appendix 3).

That Cabinet approves that the consultation period and opportunity to present alternative proposals ends on 31st January 2018.

That the budget process (as outlined in paragraphs 3.6 onwards) is adopted including member budget scrutiny and consultation conducted with select Committees and consultation with JAG, schools budget forum and other relevant fora.

That Cabinet approves the release of the draft budget savings proposals for 2018/19 for consultation purposes.

That Cabinet agrees to continue to work on the areas required to balance the 2018/19 budget and Medium Term Financial Plan (MTFP), through wider targeted activities that sit within the remit of Future Monmouthshire.

That Cabinet agrees to include the Future Monmouthshire budget of £200,000 as a base budget consideration from 2018/19 given the key role that Future Monmouthshire plays in facilitating a more sustainable and financially affordable future for Council activities.

To consider formal adoption of the Foundation Living wage as a financial planning assumption rather than Government Living wage. For 2018/19 the rates are £8.75 ph and £8.40 ph respectively. This would have a potential brought forward cost from 2019/20 pressures of £83.5k.

Cabinet agreed to remove Blue Badge and breakfast club saving aspects from proposals being consulted on.  Cabinet required 4.95% Council tax increase to be a revised financial planning assumption for 2018/19 (up by 1%), but retained 3.95% Council Tax increase for the 3 years thereafter.

Cabinet resolved to provide a second response to Welsh Government on the budget intentions recognising the Chancellor’s autumn statement.