Issue - meetings

Members gave consideration to a report which presented the second Executive Business Plan and the Medium Term Financial Plan 2019/20 – 2023/24.

The purpose of the Executive Business Plan was to set out the actions to be taken by the Executive to deliver the Corporate Plan over the next three years.

The purpose of the Medium Term Financial Plan (MTFP) was to set a robust overall framework for the Council’s spending plans over the next five years in supporting the delivery of the Corporate Plan and underpinned by the delivery of the Financial Strategy. 

The report therefore outlined the Council’s revised financial plans having taken into account the Financial Analysis for changes in Government funding, the economic environment, local engagement and the priorities for the Council. 

The plan reflected the revisions to the previous estimates for the years 2018/19 to 2022/23 and included the proposed budget for 2019/20 and the inclusion of estimates for 2023/24.

The report also covered the setting of Council Tax for 2019/20, Fees and Charges for 2019/20, and the Capital Programme 2019/20 to 2023/24.

The Executive Director for Resources presented the report and in doing so placed on record his thanks to Tracey Bircumshaw and the finance team for their work in preparing the documents presented to Members.

It was also noted that 4 Parish Councils had made late changes to their precept requirements, resulting in amendments having to be made to Appendices G, I J, and K.  These had been circulated to Members, however, additional copies had been placed on Members’ desks for ease of reference. 

The Business Plan reflected the deliverables the organisation would focus on over the next three years, whilst the MTFP showed the financial requirements to support that plan and deliver the Corporate Plan, agreed earlier in the meeting.

The MTFP was the primary strategic financial document of the Council and meet the regulatory requirement to: -

*        agree a balanced budget;

*        establish the level of Council tax for that year; and

*        Met best practice by setting out the coming year’s budget within a medium          term financial plan.

In 2017 the Government had provided Local Government with a four year projected settlement which established the basis for the Authority to have its Revenue Support Grant reduced to zero over the period.  The Council had managed the loss of over £1.4m of grant during that period through a range of efficiency and income generating measure which had ensured the Authority could continue to offer award winning services to its residents.  The on-ongoing revenue benefit to the Authority of those actions totalled in excess of £1.6m

The principles of the Financial Strategy were set out in paragraph 6 of the Executive Business Plan and the assumptions within the MTFP were listed at paragraph 9.2 of the Executive Business Plan.  It was noted that the proposed increase in Council Tax for 2019/2020 was 2.99%

A range of benchmarking information had been provided at paragraph 2.5 of the MTFP and within Appendix N.  ...  view the full minutes text for item 62

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.