Agenda item

Strategic Plan and Medium Term Financial Strategy 2018-2023

Leader of the Council and Cabinet member for Finance.

Minutes:

 

Philip Atkins

 

“Staffordshire has a good story to tell in terms of growing and delivering a strong economy, low unemployment and a good children’s service – especially at a time of growing pressures on funding of care with the budget we now have available.

 

This year will see us spend a record £310million on care of the most vulnerable in our communities and, despite facing a funding shortfall, I am pleased that we have now managed to deliver a balanced budget for next year. The challenge now is how we, nationally and locally, address the growing funding gap in the immediate years to come.”

 

Philip Atkins, Leader of the Council

 

“Staffordshire has benefited from one of the lowest county council taxes for a number of years and still does, but the financial challenges which lie ahead are still significant and that’s why we all now have to pay a little more and do a little more to be able to continue to support those who need our help the most.

 

Through a lot of hard work, I am pleased that we are now able balance the books and recommend the approval of our medium term financial strategy to Full Council.”

 

Mike Sutherland, Cabinet Member for Finance

 

Reasons for the Decision – To provide Cabinet with an update on the work to date in reviewing the new Strategic Plan 2018-22, a supporting annual Delivery Plan and the accompanying Medium Term Financial Strategy (MTFS), which provides details of how the Council’s operations will be funded over the five year period 2018-2023.

 

Decision – (a) That, in respect of the Strategic Plan:

 

(i)    That the progress made in the further refresh of the Strategic Plan 2018/19 be noted and it be referred to the County Council for approval on 15 February 2018;

 

(ii)   That the Leader of the Council and Chief Executive be authorised to finalise the details of the Strategic Plan 2018/19 prior to final publication to ensure that it reflects any changes to the management and accountability structures of the County Council as part of the organisation’s transformation;

 

(b) That, in respect of the Medium Term Financial Strategy (MTFS) 2018-23 and the 2018/19 revenue and capital budgets:

 

(i) The updates to the MTFS as set out in the report be noted;

 

(ii) The comments of the Director of Finance and Resources on the adequacy of reserves and robustness of the budget and that the County Council be asked to take note of these comments when considering the budget and council tax;

 

(iii) The comments and recommendations of the Corporate Review Committee together with the Cabinet’s response thereto be noted.

 

(iv) That it be recommend to the County Council on 15February 2018 that they consider and approve the following:

 

·         a net revenue budget of £495.483m for 2018/19;

 

·         planning forecasts for 2019/20 to 2022/23 as set out in Appendix 12 to the report;

 

·         a contingency provision of £2.000m for 2018/19;

 

·         a net contribution from reserves of £6.403m for 2018/19;

 

·         a budget requirement of £489.080m for 2018/19;

 

·         a council tax requirement of £336.534m for 2018/19;

 

·         a council tax at Band D of £1,210.52 for 2018/19 which is an increase of 5.95% when compared with 2017/18;

 

·         this results in council tax for each category of dwelling as set out in the table below:

 

Category of dwelling

 

Council Tax rate

£

Band A

807.01

Band B

941.52

Band C

1,076.02

Band D

1,210.52

Band E

1,479.52

Band F

1,748.53

Band G

2,017.53

Band H

2,421.04

 

·         that the Director of Finance and Resources be authorised to sign precept notices on the billing authorities respectively liable for the total precept payable and that each notice state the total precept payable and the council tax in relation to each category of dwelling as calculated in accordance with statutory requirements;

 

·         the Capital Programme set out in Appendix 9 to the report;

 

·         the Prudential Indicators set out in Appendix 10 to the report;

 

·         the Financial Health Indicators set out in Appendix 11 to the report;

 

(v) That the Director of Finance and Resources be authorised to adjust the contingency provision to reflect any grant changes announced in the final 2018/19 Local Government Finance Settlement;

 

(vi) That the Cabinet Member for Finance and the Director of Finance and Resources be authorised to begin the MTFS process for 2019/20 in March 2018 and that they be authorised to challenge Cabinet, the Senior Leadership Team and services to identify further cost reductions and income generation opportunities.

Supporting documents: