Issue - meetings

Financial Strategy and Medium Term Financial Plan

Meeting: 07/09/2017 - District Executive (Item 49)

49 Financial Strategy and Medium Term Financial Plan pdf icon PDF 708 KB

Decision:

 

RESOLVED:

That District Executive agreed to:-

 

a.

approve the Financial Strategy;

 

 

b.

note the current position and timetable for the Medium Term Financial Plan and Budget estimates;

 

c.

approve an allocation of £34,900 to passport Revenue Support Grant as Council Tax Reduction Grant funding to town and parish councils in 2018/19, and approve no passport of funds in 2019/20 when SSDC will no longer receive Revenue Support Grant income.

 

Reason:

To confirm the proposed Financial Strategy and provide Members with information regarding the initial Medium Term Financial Plan estimates for the period 2018/19 to 2022/23.

 

Minutes:

The Portfolio Holder for Finance and Legal Services introduced the report and reminded Members there had been a workshop to discuss the Financial Strategy and Medium Term Financial Plan the previous week.  He drew Members attention to the Business Rates Retention Scheme which was intended to move from 40% to 100% retention, although the government plans were uncertain, the recent adoption of the commercial strategy to generate income to close the budget gap, and, the provision of £0.8m to cover any unidentified pressures.

 

In response to questions from Members and the Scrutiny Committee, the Chief Executive and Portfolio Holder advised:-

 

·         The Transformation Project savings were on target and they would be reported on a quarterly basis.

·         There was an officer working group looking at generating and increasing services income.

·         Service prioritisation had not yet been agreed and this would be discussed in the future. 

·         One of the Peer Review members had been the leader of Sevenoaks Council and whilst SSDC were learning from other councils, there was no intention to necessarily copy them.

·         The finance staff worked closely with Town and Parish Council Clerks to advise them of any changes affecting their budget discussions at an early stage and to assist them in drafting their annual budgets.

 

At the conclusion of the debate, Members were content to confirm the recommendations of the report.

 

RESOLVED:

That District Executive agreed to:-

 

a.

approve the Financial Strategy;

 

 

b.

note the current position and timetable for the Medium Term Financial Plan and Budget estimates;

 

c.

approve an allocation of £34,900 to passport Revenue Support Grant as Council Tax Reduction Grant funding to town and parish councils in 2018/19, and approve no passport of funds in 2019/20 when SSDC will no longer receive Revenue Support Grant income.

 

Reason:

To confirm the proposed Financial Strategy and provide Members with information regarding the initial Medium Term Financial Plan estimates for the period 2018/19 to 2022/23.