Issue - meetings

To receive and consider the recommendations of the Cabinet meeting held on 12 February (to follow), the report for which is attached.

The report by the Director of Finance & Section 151 Officer will be published with the Council agenda (expected to be published on 5 February and available via the link to the 13 February Council meeting).

(Please bring the Council papers to the Cabinet meeting for consideration of this item)

The primary purpose of this report is to set the Council's overall Budget for the forthcoming year 2018/19 and the associated level of Council Tax necessary to fund that Budget.

The report makes recommendations on the level of Council spending for 2018/19 and the level of Council Tax in the context of the Council's Medium Term Financial Strategy.

This report also provides a comprehensive revision of the Council's rolling 3 year future financial forecast for the new period 2019/20 to 2021/22 (i.e. compared to the previous forecast covering 2018/19 to 2020/21, this forecast now replaces the forecast for the previous 3 year period). 

The report will set out the following:

(a)          The challenging and uncertain financial climate facing the City Council in 2018/19 and beyond and the consequential budget deficits that result

(b)          A brief summary of the Medium Term Financial Strategy for achieving the necessary savings

(c)          A brief recap of the budget decisions taken by the City Council at its meeting of the 12^th December 2017

(d)          The Revised Revenue Budget and Cash Limits for the current year

(e)          The Local Government Finance Settlement for 2018/19 to 2019/20

(f)           The Business Rate income for 2018/19  and future years and the financial effect of joining the 100% Business Rate Retention Pilot in a pooled arrangement with the Isle of Wight Council and Southampton City Council

(g)          The Council Tax base and recommended Council Tax for 2018/19

(h)          The forecast Collection Fund balance as at 31 March 2018 for both Council Tax and Business Rates

(i)            The proposed Revenue Budget and Cash Limits for 2018/19

(j)            The forecast Revenue Budget and revised Savings Requirements for 2019/20, 2020/21 and 2021/22

(k)          Estimated General Reserves over the period 2017/18 to 2021/22

(l)            The Medium Term Resource Strategy (MTRS) Reserve, its financial position and proposed use to achieve cashable efficiencies

(m)         The statement of the Section 151 Officer on the robustness of the budget in compliance with the requirements of the Local Government Act 2003.

The recommendations in the report were referred to Council for approval, and are therefore not subject to call-in.