Agenda and decisions

Division/Wards affected: All

Purpose:To update Cabinet with the consultation responses to the budget proposals issued by them on the 16^th December 2016 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 2017/18.

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: Joy Robson – Head of Finance

Contact Details: joyrobson@monmouthshire.gov.uk

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

      i.        The 2017/18 revenue budget as attached in Appendix I

     ii.        The 2017/18 to 2020/21 capital programme as attached in Appendix J1

    iii.        That 3.95% increase in the Band “D” equivalent Council Tax for the County continues to be used as the planning assumption in the budget model for to apply for County purposes in 2017/18

That Cabinet approves the necessary saving proposals and the release of £1.653 million from earmarked reserves to deliver the changes required to support the 2017/18 revenue and capital budget and notes the critically low level of earmarked reserves of £4.85 million left at the end of 2017/18.

That Cabinet recommends to Council that headroom in the revenue budget is maintained to enable the delivery of the key capital commitments already made, as further information becomes available and the schemes are approved. The Treasury Equalisation reserve will be used to maintain this headroom if necessary.

That Cabinet recommends Council to dispose of assets identified in the exempt background paper for not less than the best consideration that can reasonably be obtained.

That Cabinet considers the Responsible Financial Officers 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:

                      i.        Further work is undertaken to develop a balanced MTFP over the 3 year period 2018/19 to 2020/21

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