Issue - meetings

Final Business Plan, Revenue and Capital Budgets 2019/2020 and Medium Term Financial Strategy

Meeting: 11/02/2019 - Cabinet (Item 67)

67 Business Plan 2019/20 and Medium Term Financial Strategy 2019/20 - 2023/24 pdf icon PDF 625 KB

Report of Assistant Director Finance, Procurement and Property (S.151 Officer)

 

Purpose of report

 

The Business Plan and Summary Medium Term Financial Strategy are presented as an integrated report. This demonstrates the Councils strategic approach to aligning its resource to the delivery of Councils Priorities.

 

This report provides members with an update on the Business Plan 2019/20 and the Council’s Summary Medium Term Financial Strategy (MTFS) for 2019/20 to 2023/24 prior to the final MTFS being presented during February 2019.    

 

Recommendations

 

The meeting is recommended:

 

1.1.         To consider and recommend to Council approval of the Business Plan set out in Appendix 1.

 

1.2.         To note the Risk Register contained at Appendix 2.

 

1.3.         To consider and recommend to Council an increase in the level of Council Tax for South Northamptonshire Council of 2.99% for 2019/20.

 

1.4.         To consider and recommend to Council approval of the Medium Term Financial Strategy (MTFS), Revenue Budget 2019/20 and Capital Programme including recommending the growth and savings proposals included at Appendix 9.

 

1.5.         To consider and recommend to Council to confirm the minimum level of General Fund reserves of £1.8m.

 

1.6.         To consider and recommend to Council that authority be delegated to the Chief Finance Officer in consultation with the Portfolio Holder for Finance & Governance and Leader of the Council, and where appropriate the relevant Director and Portfolio Holder to:

·        Transfer monies to/from earmarked reserves should that become necessary during the financial year.

·        Update prudential indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these.

 

1.7.         To consider and recommend to Council that the Fees & Charges set out in Appendix 7 be approved.

 

1.8.         To consider the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2019/20 as set out in Appendix 6.

 

1.9.         To consider and recommend to Council that authority be delegated to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 27 February 2019, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.

 

1.10.     To note the contents of the Section 25 report from the Chief Finance Officer in relation to the robustness of estimates and adequacy of reserves set out in Appendix 8.

 

Additional documents:

Decision:

Resolved

 

(1)          That, having given due consideration, Full Council be recommended to approve the Business Plan (annex to the Minutes as set out in the Minute Book).

 

(2)          That the Risk Register (annex to the Minutes as set out in the Minute Book) be noted.

 

(3)          That, having given due consideration, Full Council be recommended to approve an increase in the level of Council Tax for South Northamptonshire Council of 2.99% for 2019/20.

 

(4)          That, having given due consideration, Full Council be recommended to approve the Medium Term Financial Strategy (MTFS), Revenue Budget 2019/20 and Capital Programme including the growth and savings proposals (annex to the Minutes as set out in the Minute Book).

 

(5)          That, having given due consideration, Full Council be recommended to confirm the minimum level of General Fund reserves of £1.8m.

 

(6)          That, having given due consideration, Full Council be recommended to delegate authority to the Chief Finance Officer in consultation with the Portfolio Holder for Finance & Governance and Leader of the Council, and where appropriate the relevant Director and Portfolio Holder to:

·         Transfer monies to/from earmarked reserves should that become necessary during the financial year.

·         Update prudential indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these.

 

(7)          That, having given due consideration, Full Council be recommended to approve the Fees & Charges set out in the Annex to the Minutes (as set out in the Minute Book).

 

(8)          That the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2019/20 be noted.

 

(9)               That, having given due consideration, Full Council be recommended to delegate authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 27 February 2019, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.

Minutes:

The Assistant Director Finance, Procurement and Property (S.151 Officer) submitted a report which provided members with an update on the Business Plan 2019/20 and the Council’s Summary Medium Term Financial Strategy (MTFS) for 2019/20 to 2023/24 prior to the final MTFS being presented during February 2019.    

 

The Business Plan and Summary Medium Term Financial Strategy were presented as an integrated report. This demonstrates the Councils strategic approach to aligning its resource to the delivery of Councils Priorities.

 

On behalf of Cabinet, the Chairman thanked the Portfolio Holder for Finance and Governance, the Budget and Financial Strategy Committee. the Assistant Director: Finance, Procurement and Property Management and the Finance team for their hard work in bringing the MTFS to this stage.  

 

Resolved

 

(1)          That, having given due consideration, Full Council be recommended to approve the Business Plan (annex to the Minutes as set out in the Minute Book).

 

(2)          That the Risk Register (annex to the Minutes as set out in the Minute Book) be noted.

 

(3)          That, having given due consideration, Full Council be recommended to approve an increase in the level of Council Tax for South Northamptonshire Council of 2.99% for 2019/20.

 

(4)          That, having given due consideration, Full Council be recommended to approve the Medium Term Financial Strategy (MTFS), Revenue Budget 2019/20 and Capital Programme including the growth and savings proposals (annex to the Minutes as set out in the Minute Book).

 

(5)          That, having given due consideration, Full Council be recommended to confirm the minimum level of General Fund reserves of £1.8m.

 

(6)          That, having given due consideration, Full Council be recommended to delegate authority to the Chief Finance Officer in consultation with the Portfolio Holder for Finance & Governance and Leader of the Council, and where appropriate the relevant Director and Portfolio Holder to:

·         Transfer monies to/from earmarked reserves should that become necessary during the financial year.

·         Update prudential indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these.

 

(7)          That, having given due consideration, Full Council be recommended to approve the Fees & Charges set out in the Annex to the Minutes (as set out in the Minute Book).

 

(8)          That the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2019/20 be noted.

 

(9)               That, having given due consideration, Full Council be recommended to delegate authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 27 February 2019, including changes to the Finance Settlement and change relating to Parish Precepts and Council Tax levels associated with those changes.

 

Reasons

 

This report presents the final Business Plan and MTFS for 2019/20. It is a legal requirement to set a balance budget and the recommendations as outlined set out a way to achieve this.

 

Alternative options

 

Option 1: To reject the current proposals and make alternative recommendations. Members will not be aware of the medium term financial forecast  ...  view the full minutes text for item 67