Lead Member – Councillor Malcolm Pate – Leader of the Council and Portfolio Holder for Strategy, Financial Strategy, Budget and Business Plan

Report of the Head of Finance, Governance and Assurance (Section 151 Officer) TO FOLLOW

Contact: James Walton  Tel: 01743 255001

RESOLVED:

i)             That the recommended level of general balances to support the 2017/18 revenue budget at £13.29m be approved , noting that the projected balance will be above this for 2017/18;

ii)            That the projected recommended level of general reserves be noted for the following two years at £16.80m in 2018/19 and £33.68m in 2019/20.

iii)           That it be noted that the Council’s General Fund Balance and/or Financial Strategy Reserve may be amended as required to facilitate any amendments required to the Financial Strategy following receipt of the Final Local Government Financial Settlement.

The Leader and Portfolio Holder for Strategy, Financial Strategy, Budget and Business Plan presented a report from the Head of Finance, Governance and Assurance [s151 Officer] on the robustness of the estimates made for the purposes of the budget calculations and the adequacy of the proposed reserves and stated that the Council’s use of reserves was prudent with risks were covered.

A Member praised the efforts of the Officers concerned in managing this area.  He queried the release of £5M from the General Fund Balance to be used to help fund the known funding gap in the 2019/20 financial year. The Head of Finance, Governance and Assurance [s151 Officer] explained the risks before the Council because of future Central Government funding uncertainties.  The Leader commented that he welcomed ideas and input from all political persuasions to deal with the Council’s current financial situation.

RESOLVED:

i)             That the recommended level of general balances to support the 2017/18 revenue budget at £13.29m be approved , noting that the projected balance will be above this for 2017/18;

ii)            That the projected recommended level of general reserves be noted for the following two years at £16.80m in 2018/19 and £33.68m in 2019/20.

iii)           That it be noted that the Council’s General Fund Balance and/or Financial Strategy Reserve may be amended as required to facilitate any amendments required to the Financial Strategy following receipt of the Final Local Government Financial Settlement.