Agenda, decisions and minutes

Resolved:

That the minutes of the meeting held on 16 January 2019 be confirmed and signed as a correct record.

Finance

To consider an update to the Discretionary Rate Relief Policy including the introduction of new discretionary business rates reliefs.

1.  That the updated Discretionary Rate Relief Policy, as shown in the annex to the report, be approved.

2.  That the Acting Head of Revenues (Local Taxation), in consultation with the Finance Portfolio Holder, be authorised to make minor amendments to the policy should updated government guidance be received, provided there is no net cost to the Council.

Consideration was given to a report of the Finance Portfolio Holder, regarding the introduction of new discretionary rate reliefs and the minor amendments in the Discretionary Rate Relief Policy. The report also considered revising the eligibility criteria for the Revaluation Relief scheme, so that it remains affordable when compared with the grant provided for the relief.

Changes to existing discretionary reliefs and the introduction of new schemes were identified and all the costs of the recommended option would be fully funded by central government and as such were recommended for approval.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Resolved:

1.  That the updated Discretionary Rate Relief Policy, as shown in the Annex to the report, be approved.

2.  That the Acting Head of Revenues (Local Taxation), in consultation with the Finance Portfolio Holder, be authorised to make minor amendments to the policy should updated government guidance be received, provided there is no net cost to the Council.

Finance

To set out the Treasury Management and Annual Investment

Strategies for 2019/20.

1.  That the Treasury Management Strategy Statement and the Annual Investment Strategy for 2019/20 as set out in the report be approved.

2.  That the Minimum Revenue Provision (MRP) policy be approved.

3.  That the Prudential Indicators as set out in Annex 1 to the report be approved.

Consideration was given to a report of the Finance Portfolio Holder which presented the Treasury Management and Annual Investment Strategies of the Council. These had been produced in accordance with the latest statutory requirements and relevant codes of practice. The strategies set out the criteria within which cash surpluses could be invested and how external borrowing would be managed should the Council choose to take on debt in the year.

Borrowing costs were currently limited to the interest payable on short term borrowing which was used to even out the Council’s cash flow throughout the year although prudential borrowing to cover the deficit in the capital programme was permitted in the strategy.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Recommended:

1.  That the Treasury Management Strategy Statement and the Annual Investment Strategy for 2019/20 as set out in the report be approved.

2.  That the Minimum Revenue Provision (MRP) policy be approved.

3.  That the Prudential Indicators as set out in Annex 1 to the report be approved.

Finance

To provide an update on the approved Capital Programme.

That the revised estimates and financing for the 2018/19 to 2020/21 Capital Programme as shown in Annex 1 to the report, be approved.

Consideration was given to a report of the Finance Portfolio Holder, which provided an update on the progress of the existing 2018/19 Capital programme and included forecast changes to its timescale and total cost.  The report also updated Councillors on projects where the timetable had changed from that currently approved, in particular where projects were expected to slip from the current year.

New capital bids totalling £405,000 were identified which would help to deliver the Council’s key priorities and were recommended to be added to the Capital Programme.  The report also provided an update on the existing approved Capital Programme.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Resolved:

That the revised estimates and financing for the 2018/19 to 2020/21 Capital Programme as shown in Annex 1 to the report, be approved.

Finance

To recommend the Council's revenue budget and council tax proposals for 2019/20. To also recommend the revised forecast for 2018/19 and provide an updated medium term financial forecast.

Recommended:

1.  That the Revised Forecast for 2018/19 as set out in Column 3 of Annex 1 be approved.

2.  That a transfer of £500,000 to the Asset Management Plan in 2018/19 be approved as detailed in paragraph 3.5.

3.  That the Savings Options, Income Generation Proposals and Revenue Pressures as set out in Annexes 2 - 4 be approved.

4.  That subject to recommendation 3 above and taking due regard of the Head of Finance’s comments in Annex 8, the budget for 2019/20 as set out in Column 6 of Annex 1 be approved.

5.  That subject to recommendations 3 and 4 above, the revenue estimates for each Service contained in Annex 7 be approved.

6.  That a Council Tax Requirement for 2019/20 of £8,868,722 be approved.

7.  That a Special Expenses Levy of £346,804 be made in respect of the area of Andover to cover the cost of providing burial grounds, public halls, sports grounds and playgrounds.

8.  That a general precept of £6,924,282 be levied for the year 2019/20.

9.  That the Medium Term Forecast contained in Annex 6 be noted.

10.  That a Band D Council Tax excluding Parishes and Special Expenses of £141.41 in 2019/20 be approved – a freeze at 2018/19 levels.

11.  That a draw from the Collection Fund Equalisation Reserve of £61,200 in 2019/20 be approved as detailed in paragraph 4.5.

12.  That delegated authority be given to the Head of Finance in consultation with the Leader, Finance Portfolio Holder and the Chief Executive to make changes to the budget following Cabinet to take account of new issues, changes to figures notified by Parish Councils or any late changes in the final Local Government Finance Settlement.

Consideration was given to a report of the Finance Portfolio Holder, which presented proposals for the final Revenue Budget and Council Tax for the financial year 2019/20. The report took into account the previous budget information and options for changes in service delivery that were presented to the cabinet in October 2018 and January 2019.

The Finance Portfolio Holder updated the Committee on a minor amendment to the figure in recommendation 6 and to the Parish Precepts figure on Annex 1 and Annex 5.  An amended report and Annexes would be attached to the Council agenda for 25 February 2019 when the recommendations will be considered.

The report was the culmination of a process that started in May 2018. It showed the savings and additional income that had been identified to enable the Council to propose a balanced budget for 2019/20.

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Recommended:

1.  That the Revised Forecast for 2018/19 as set out in Column 3 of Annex 1 be approved.

2.  That a transfer of £500,000 to the Asset Management Plan in 2018/19 be approved as detailed in paragraph 3.5.

3.  That the Savings Options, Income Generation Proposals and Revenue Pressures as set out in Annexes 2 - 4 be approved.

4.  That subject to recommendation 3 above and taking due regard of the Head of Finance’s comments in Annex 8, the budget for 2019/20 as set out in Column 6 of Annex 1 be approved.

5.  That subject to recommendations 3 and 4 above, the revenue estimates for each Service contained in Annex 7 be approved.

6.  That a Council Tax Requirement for 2019/20 of £8,868,722 be approved.

7.  That a Special Expenses Levy of £346,804 be made in respect of the area of Andover to cover the cost of providing burial grounds, public halls, sports grounds and playgrounds.

8.  That a general precept of £6,924,282 be levied for the year 2019/20.

9.  That the Medium Term Forecast contained in Annex 6 be noted.

10.  That a Band D Council Tax excluding Parishes and Special Expenses of £141.41 in 2019/20 be approved – a freeze at 2018/19 levels.

11.  That a draw from the Collection Fund Equalisation Reserve of £61,200 in 2019/20 be approved as detailed in paragraph 4.5.

12.  That delegated authority be given to the Head of Finance in consultation with the Leader, Finance Portfolio Holder and the Chief Executive to make changes to the budget following Cabinet to take account of new issues, changes to figures notified by Parish Councils or any late changes in the final Local Government Finance Settlement.