Agenda item

Please note, the following items are to follow;

Appendix K     Treasury Management Strategy Statement 2018/19

Appendix L      Treasury Management Principles and Practices 2018/19

That Cabinet RESOLVED TO RECOMMEND theCouncil:

(details of the following are set out in Appendices A-M of the report to the Cabinet)

General Fund Revenue Estimate

a)    set a Dacorum Borough Council General Fund Council Tax requirement of £11.094m, and of £11.872m for the combined Borough Council and Parish Councils’ requirement for 2018/19;

b)    approve an increase of 2.99% in Council Tax for Dacorum Borough Council, taking Band D Council Tax to £195.51 for 2018/19;

c)    approve the base estimates for 2018/19, as shown in Appendix A1, and the indicative budget forecasts for 2018/19 – 2021/22, as shown in Appendix A2;

d)    approve the forecast balances of Revenue Reserves as shown in Appendix J, and approve section 10 of this report as the updated Reserves Strategy;

e)    approve increases in Fees and Charges for 2018/19 as set out in Appendices C3, D3, and E3;

f)     approve and adopt the Treasury Management Strategy for 2018/19, attached at Appendix K (to follow);

g)    approve and adopt the Treasury Management Principles and Practices for 2018/19, attached at Appendix L (to follow);

h)    note that this budget paper, when approved by Council, will form part of the Medium Term Financial Strategy.

Capital Programme

a)    approve the revised Capital Programme for 2017/18, and for 2018/19 to 2022/23, as detailed in Appendix I;

b)    approve the financing proposals in Appendix I subject to an annual review of the financing options by the Corporate Director (Finance & Operations), in consultation with the Portfolio Holder for Finance and Resources, during the preparation of the Statement of Accounts.

Housing Revenue Account (HRA)

c)    reduce dwelling rents by 1% in accordance with government legislation, resulting in an average rent of £101.22 per week (based on 52 weeks);

d)    approve the HRA estimate for 2018/19 as shown in Appendix F.

Terms & Conditions

a)    approve the continued application of a living wage supplement for all affected employees, in accordance with the rates of the Living Wage Foundation, for 2018/19 (to be reviewed annually thereafter).

Statement by Chief Finance Officer

a)    approve the statement by the Chief Finance Officer regarding the robustness of the budget estimates and level of reserves as set out in Appendix M.

Reason for decision

To present to Cabinet budget proposals for recommendation to Council in relation to:

·         Revenue and Capital Expenditure together with the potential use of reserves

·         The setting of the Council Tax for 2018/19

·         The Treasury Management Strategy 2018/19

·         The level of fees and charges for 2018/19

·         Advice to Councillors on the robustness of the Budget proposals and adequacy of balances and reserves as required by the Local Government Act 2003

Corporate objectives

All of the Council’s corporate objectives are reflected in the Budget proposals.

Monitoring Officer/S.151 Officer comments

Monitoring Officer:  

Under the Council’s Constitution it is the responsibility of Cabinet to draw up firm proposals for the Budget, having regard to the responses to the consultation, and to present those proposals to full Council for approval. Once full Council has approved the Budget it is the responsibility of Cabinet to implement it.

S.151 Officer:

Comments contained in body of report.  Chief Finance Officer Statement contained in Appendix M of the report.

Advice

Cllr Elliott introduced the Budget Report and advised that the proposed budget for 2018/19 is the culmination of several months’ hard work from both Members and Officers across all of the Council’s services.

The scale of the challenge facing the Council was laid out in the MTFS approved by Council in September 2017, which set the savings requirement for 2018/19 at £1.6m, an amount equivalent to 9% of the Council’s Net Cost of Services.

The Council’s previous implementation of a multi-year savings programme meant that we were well placed to face the challenge with around £1.3m of savings initiatives having already been identified by the start of the budget setting round.

Despite additional challenges arising since September, the gap has been closed and I am able to propose a balanced budget today. This has been achieved through a combination of efficiency savings; increased commercialism; and improved contract terms with private sector partners.

All of these improvements have enabled us to once again protect the Council’s front line services, and continue delivering a first class service for our residents, all for a Band D Council Tax of £3.75 per week.

Once again the Council has reduced its housing rents by 1% in line with statutory requirements, but has managed to maintain a new build programme with 170 units currently planned .

The Council continues to invest in the borough, with £190m of expenditure planned over the next 5 years.  

Cllr Griffiths noted that the background info is very detailed and thanked officers.  Noted this has been through Scrutiny twice and on that basis she was happy to second going forward to Council next week.

Cllr Marshall asked, is there any difference between the papers tonight and those last week to scrutiny.  JDeane confirmed this is the same report/content.

Voting

None.