Agenda item

-      Report to follow.

* RESOLVED –

1.   That the updated budget projections for 2017/18, and future years, be noted.

2.   That work be continued to refine the draft estimates and to develop budget saving proposals.

3.   That the use of earmarked reserves be approved.

4.   That the amendment to the Minimum Reserve Provision policy, subject to external audit approval, be noted.

REASON FOR RECOMMENDATIONS

To keep members informed on the development of the budget proposals for 2018/19 and to provide an update on the medium term financial forecasts.

The Director of Finance and Resources presented a report to update members on the development of the General Fund Revenue Budget for 2018/19 and future years. 

The latest revised budget for 2017/18 showed a projected surplus of £776K. The report attributed this rise to increased surpluses from the Streetscene and Landscape Services Direct Service Organisation, NNDR Pooling and a change in the Minimum Revenue Provision policy, as well as other smaller contributions from the Crematorium and other income-generating facilities.

The report provided an update on the Medium Term Financial Forecast, noting the latest projected deficits of £446K in 2019/20, increasing to £1,418K by 2022/23. It was reported that future projections are dependent on the success of core trading income streams, as these are sensitive to changes in the market.

The report noted that the expenditure required to deliver the Council’s ICT investment plan had yet to be approved and there still needed to be included in the Medium Term Financial Forecast Plan.

The Director of Finance and Resources advised that in advance of the final budget for 2018/19 being agreed by full Council on 22 February 2018, work would be undertaken between Cabinet Members and the Corporate Management Team to continue to identify further savings and income generation proposals.

* RESOLVED –

1.   That the updated budget projections for 2017/18, and future years, be noted.

2.   That work be continued to refine the draft estimates and to develop budget saving proposals.

3.   That the use of earmarked reserves be approved.

4.   That the amendment to the Minimum Reserve Provision policy, subject to external audit approval, be noted.

REASON FOR DECISIONS

To keep members informed on the development of the budget proposals for 2018/19 and to provide an update on the medium term financial forecasts.