To set out the issues bearing on financial planning for the authority over the next three years and to agree an approach to delivering a medium term sustainable financial position over that period, bearing in mind the risks and unknowns.

And to agree a draft budget for 2017/18 to be put forward for Full Council consideration.

Pre-Decision Scrutiny Questions and responses were noted.

DECISION

1.    Approved a draft General Fund Revenue Funding Requirement of £338.896m subject to any changes arising from the Final Local Government Finance Settlement.

2.    Agreed a proposed Band D Council Tax at £966.80 for 2017/18 to be referred to Full Council for consideration.

3.    Agreed to propose the items listed below for public consultation and consideration by the Overview and Scrutiny Committee in accordance with the Budget and Policy Framework. A further report will then be submitted to the next Cabinet meeting in February detailing the results of consultations and feedback from Overview and Scrutiny Committee; inviting Cabinet to recommend a budget requirement and Council Tax for 2017/18 to Full Council.

General Fund Revenue Budget for 2017/18 and Medium Term Financial Plan 2017/18to 2019/20

The initial budget proposal and Council Tax for 2017/18 together with the Medium Term Financial Plan set out in Appendix 1a.

Budget Consultation

The outcome of consultation with business ratepayers, residents and other stakeholders as reported to The Mayor in Cabinet in December 2016 and attached for ease of reference at Appendix 10.

Funding

The funding available for 2017/18 and the indications and forecasts for future years set out in Section 3.4.

Growth and Inflation

The risks identified from potential growth and inflation commitments arising in 2017/18 and future years together with new initiatives identified as Mayoral Priority Growth as set out in Section 3.5 and in Appendix 3.

Savings

New proposed saving items to be delivered in 2017 - 2020 as set out in Section 3.6 and Appendix 4 of the report.

Financial Risks: Reserves and Contingencies

The strategic budget risks and opportunities as set out in Section 3.7 and the assessment of risk at Appendix 6.

Reserves and Balances

The proposed approach to the strategic use of reserves set out in Section 3.8 and the projected movement in Reserves in Appendix 7.

Dedicated Schools Grant

The position for the Dedicated Schools Grant as set out in Section 3.9.

Housing Revenue Account

The position for the Housing Revenue Account as set out in Section 3.10 and Appendix 8.

Capital Programme

The capital programme to 2019/20; including the proposed revisions to the current programme, as set out in Section 3.11 and detailed in Appendix 9 (a – c) in advance of the proposed refresh of the council’s capital programme following consideration of revised Capital and Investment strategies in 2017.

To adopt a capital estimate for new schemes detailed in Appendix 9b.

Action by:

CORPORATE DIRECTOR, RESOURCES (Z. COOKE)