The Leader of the Council and Portfolio Holder for Strategy, Financial Strategy, Budget and Business Plan presented a report by the Head of Finance, Governance and Assurance (Section 151 Officer) on the Council’s Financial Strategy 2017/18 to 2019/20.

RECOMMENDED:

              i.        That Council agree the 2017/18 budget of £563.330m including the savings proposals previously approved by Council and the revised proposals to deliver a balanced budget in 2017/18 as outlined in Appendix 3.

            ii.        That the Head of Finance, Governance and Assurance (Section 151 Officer), in consultation with the Leader of the Council, make amendments to the Financial Strategy following receipt of the Final Local Government Financial Settlement. The Council General Fund Balance and/or Financial Strategy Reserve can be used to enable any reduction in resources or increase in costs to be managed through this process. If timing is sufficient, the final position to be approved by Council on 23 February 2017.

           iii.        That the changes required to the 2017/18 budget as a result of the Final Local Government Settlement and revised business rates and collection fund estimates be noted.

           iv.        That the revised funding gap for the years 2018/19 and 2019/20 be noted.

            v.        That the revised Capital Programme, as set out in the report, be agreed and recommended to Council.

           vi.        That the Policy for Flexibility around the use of Capital Receipts, as set out in Appendix 7, be agreed and recommended to Council.