The Cabinet considered a report on the Outline Budget for 2017-18 to 2020-21.
RESOLVED that Cabinet agrees to:
1. Set the net budgeted expenditure (before investment and use of reserves) for 2017-18 at a maximum level of £13.9m;
2. Support the overall strategy set out in the report for addressing efficiencies and achieving medium term financial sustainability;
3. The proposed response, as appended to the report, to the Government’s consultation papers on Fair Funding and 100% business rates retention;
4. The financial health indicators set out in paragraph 3.25 of the report; and
5. The Council accepting the Government offer of a 4 year funding settlement in order to protect the Council against risk of further increases in payments it is required to make in future years to the Government, but in so doing makes clear this is on the basis that it does not accept negative grant allocations for 2019-20.
Reason for decision
The recommended options set out in the Report will help to ensure the ongoing financial sustainability of the Council in light of changes to Revenue Support Grant and other longer term financial pressures that local government is facing.