Issue - meetings

Council considered a report relating to the Medium-Term Financial Strategy, members’ approval for the Medium-Term Financial Strategy which set out the Council’s strategic approach for the management of its finances over the next few years. This strategy related purely to the General Fund as the Housing Revenue Account (HRA) assumptions were based on a 30-year business plan.

Councillor Moesby introduced the report and outlined the main reasons for the recommendations including:-

·       the strategy was designed to outline the council’s strategic approach to setting and managing its General Fund budget;

·       the legal requirement for the Council to set and deliver a balanced and robust budget;

·       anticipation that the Council would not receive confirmation of the Government’s settlement until after the Autumn Spending Review and this would likely be a one year settlement;

·       the Council’s intention for the maximum council tax increase of 2.99% (below the threshold where a referendum would be required)

·       Maintenance of a financial reserve of £2m which equated to 14% (the CIPFA guidance was between 5% to 100%).  The level of the reserve would be monitored.

Moved by Councillor Clive Moesby and seconded by Councillor Steve Fritchley

RESOLVED that the:

(1)            Medium-Term Financial Strategy be approved;

(2)      General Fund revenue base budget continued to be funded from the full amount of New Homes Bonus (and related grants such as Services Grant) allocated by Government;

(3)      Council continued to be a member of the Derbyshire Business Rates Pool whilst it remained financially advantageous for the Council to do so;

(4)      strategic intention to raise Council Tax by the maximum allowed in any given year, without triggering the need for a Council Tax referendum, be set; and

(5)      minimum level of Balances for the Resources Fund of £2m be maintained.