Agenda and decisions

Wards/Divisions Affected: All

Purpose: To update Cabinet with the consultation responses to the budget proposals issued by them on the 22^nd November in respect of the Capital and Revenue budgets.

To update members with implications arising from the Final Settlement announcement of the Welsh Government.

To make recommendations to Council on the Capital and Revenue budgets and level of Council Tax for 2018/19.

To receive the Responsible Financial Officer’s Prudential Indicator calculations for capital financing.

To receive the statutory report of the Responsible Financial Officer on the budget process and the adequacy of reserves.

Author: Mark Howcroft – Acting Head of Finance

Contact Details: markhowcroft@monmouthshire.gov.uk

That Cabinet considers the responses to consultation and recommends to Council:

·         The 2018/19 revenue budget as attached in Appendix I.

·         The 2018/19 to 2021/22 capital programme as attached in Appendix J1.

Cabinet endorses a forward recommendation to Council to changes in the capital programme highlighted in para 3.17 below, and specifically to allow a contribution of £1.487m to be paid from existing capital programme before the end of 2017-18.

That 4.95% increase in the Band “D” equivalent Council Tax for the County continues to be used as the planning assumption in the budget model and to apply for County purposes in 2018/19.

That Cabinet approves redirection of earmarked reserve funding from the Treasury Equalisation reserve to the Priority Investment reserve of £155,000 to enable future policy priorities.

That Cabinet approves the necessary saving proposals, notes the movements anticipated in respect of earmarked reserves during 2018/19 culminating in a forecast earmarked reserve balance of £4.95 million at the end of 2018/19.

That Cabinet recommends Council to dispose of assets identified in the exempt background paper at best value.

That Cabinet considers the Responsible Financial Officer’s report on the robustness of the budget process and the adequacy of reserves issued under the provisions of the Local Government Act, 2003.

That Cabinet adopts the Responsible Financial Officer’s report on Prudential Indicators.

That Cabinet approves the following:

·         Further work is undertaken to develop a balanced Medium Term Financial Plan (MTFP) over the 3 year period 2019/20 to 2021/22.

·         Regular review of the MTFP to ensure it remains up to date.

Division/Wards Affected: All

Purpose: To seek Cabinet approval to accept the surrender of the lease between Monmouthshire County Council and the Borough Theatre Trust dated October 2013 which transferred a leasehold interest of Abergavenny Theatre to the newly formed Borough Theatre Trust. In so doing, to recognise that the Management Agreement entered into by both parties is brought to an end and that Abergavenny Theatre will return to the ownership and control of Monmouthshire County Council. The Borough Theatre Trust is in agreement with this course of action and will cease to operate and seek to de-register itself on conclusion of this hand-over.

The Council will review all operations of Abergavenny Theatre in the following six months and bring forward an options appraisal as a subsequent report to Cabinet for the medium term future of the Theatre. No options will be brought forward for consideration that exceed resources available within the approved Medium Term Financial Plan.

Author: Kellie Beirne, Deputy Chief Executive

Contact Details: kelliebeirne@monmouthshire.gov.uk

To agree to terminate forthwith the Council’s lease and consequently it’s Management Agreement with the Borough Theatre Trust for Abergavenny Theatre.

In agreeing 2.1, to absolve in absolute terms all Borough Theatre trustees of any outstanding repairs and maintenance liabilities for the building. These are estimated to be £119,611 and will fall to the Council if a viable model for the Theatre beyond the initial 6 month period is arrived at.

The Council agrees to undertake a TUPE transfer of six existing Theatre employees on their existing terms and conditions. In doing so Cabinet accepts that it enters into a risk of needing to meet severance costs for these individuals if a viable ongoing model for the Theatre is not found.

To agree that existing resources from the Council’s Economy and Enterprise team be deployed to provide leadership and management support for the six month period in which the future viability of the theatre is being considered.