To note any declarations of interest made by Members, including those restricting Members from voting on the questions detailed in Section 106 of the Local Government Finance Act, 1992.  See attached note from the Interim Monitoring Officer.

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To receive any petitions (to be notified at the meeting).

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No decisions of the Mayor in Cabinet 19^th December, 2017 in respect of unrestricted reports on the agenda were ‘called in’.

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The Committee is asked to consider the Mayor’s initial budget proposals to be agreed at Cabinet on Tuesday, 9th January, 2018

The Committee was reminded that in February 2017 the Council had agreed a 3 year budget and Medium Term Financial Strategy (MTFS) for the period 2017-2020; including savings of £52m that would need to be delivered to if LBTH was to achieve a balanced budget over the period until 2020.

Accordingly, as part of the Council’s annual budget cycle, the Committee was informed that the report sets out to provide a review and to update the assumptions made in that report for the years 2018-2020 and incorporates a new year, 2020-21, to maintain the Council’s three year MTFS. It was noted that the assumptions as set out in last year’s MTFS for 2018-19 have been specifically reviewed so as to allow Members to agree a balanced budget and Council tax requirement for that year.

The Committee was advised that although 2018-19 is the third year of the government’s four year guaranteed funding settlement, the introduction of a London-wide business rates retention pilot scheme and the Councils decision to participate will have an impact on those resources the Council receives from Revenue Support Grant and Business Rates and this change for 2018-19 has therefore been considered in this report. In additional, the Committee did note that demographic and inflationary budget pressures together with mayoral priority growth proposals have also been identified and the action that is needed to meet these additional commitments over the existing MTFS assumptions have been outlined within this report.

Finally, the Committee was advised that the impact on the Council’s MTFS of the Chancellors Autumn Statement that was announced on the 22nd November 2017 and the 2018-19 provisional local government finance settlement which followed on the 19th December 2017 had also been considered within the report.  The questions and comments from Members on the report may be summarised as follows:

The Committee:

• Noted that Cabinet, 9th January 2018 had formally proposes the draft Budget. Then on 10th January 2018 formal notification had been sent to the Chair of Overview and Scrutiny Committee confirming that the Mayor’s initial budget proposals had been circulated to all Members, and that any response of the Overview and Scrutiny Committee to these must be submitted to the Mayor by noon on Friday 26th January 2018. Accordingly, tonight’s meeting was specifically to discuss the Mayor’s proposals and then formally consider scrutiny comments to be reported to the Mayor by the deadline above;
• Queried that should not the statutory consultations e.g. persons or bodies including those payers of business rates (National Non-Domestic Rates – NNDR) have been finalised prior to tonight’s meeting;
• In response it was noted that on 30th January 2018 Cabinet will meet to consider all the feedback (Including from Scrutiny; the Public and those paying NNDR) and then to formally propose the budget to Council.  Whilst, on Monday 5th February 2018 the Committee will if needed have the opportunity to meet to specifically to discuss any material changes to the Mayor’s proposals announced on 30th January;
• Noted that that the report  ...  view the full minutes text for item 4.

To consider any other unrestricted business that the Chair considers to be urgent.

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The agenda circulated contained no exempt/ confidential business and there was therefore no requirement to exclude the press and public to allow for its consideration.

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No decisions of the Mayor in Cabinet 19^th December, 2017 in respect of exempt/ confidential reports on the agenda were ‘called in’.

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To consider any other exempt/ confidential business that the Chair considers to be urgent.

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