Decision details

Decision Maker: Corporate Policy and Resources Committee, Council

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To approve the Executive Business Plan and Budget, Council

Decisions:

Members considered the Draft Executive Business Plan and the Medium Term Financial Plan (MTFP) for 2019/20 – 2023/24, which included the financial strategy, financial analysis and the capital programme.

 

The Strategic Finance and Business Support Manager highlighted to Members that there would be uncertainty in future years on funding; national issues were contained within the Executive Business Plan.

 

A balanced budget was being proposed; the authority was able to do this by allocating £119,000 to the general fund balance.  It was also proposed to set aside £400,000 into earmarked reserves to support the Customer First programme, and £680,000 for the business rates volatility reserve.

 

The budget requirement was £14,709,200, and there would be a proposal to Council to set the Council Tax level at 2.99%.  There was a 3% Council Tax cap set by central Government; West Lindsey’s level would be set at 2.99% so that none of the bandings exceed 3%.

 

The MTFP looked at a five year profile for the Council. There was a funding gap of £439,000 by 2023/24; officers are working towards business planning to achieve that efficiency in the future. 

 

Information on resilience, and the partnership in Riseholme with MUSE was highlighted by Members as being positive.

 

                        RESOLVED to:

 

                        (1) Approve the new Retail Rate Relief scheme,

fully funded by Government.

 

(2) Recommend to Councilthe approval of the

Draft Executive Business Plan and Draft Medium Term

Financial Plan 2019/20 to 2023/24.

 

(3) Approve the use of and contributions to

Reserve.

 

(4) Recommend to Councilthe Revenue Budget 2019/20.

 

(5) Recommend to Councilthe Capital Investment Programme 2019/20 to 2023/24.

 

(6) Delegate any housekeeping changes to the

Draft Executive Business Plan and the Draft Medium Term

Financial Plan to the Executive Director of Resources in

consultation with the Chairman of Corporate Policy and

Resources Committee prior to the final consideration by

Council on 4 March 2019.

 

(7) Accept the statement of the Chief Finance Officer

on the Robustness of Estimates and Adequacy of reserves.

Report author: Tracey Bircumshaw

Publication date: 22/02/2019

Date of decision: 14/02/2019

Decided at meeting: 14/02/2019 - Corporate Policy and Resources Committee

Accompanying Documents: