Issue - meetings
Medium Term Finance Plan 2018/19 - 2021/2022
Meeting: 07/02/2018 - Cabinet (Item 88)
88 Medium Term Finance Plan 2018/19 - 2021/2022 
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Minutes:
The Executive Director, Finance and Resources highlighted a number of areas within the report for further consideration by Members, this included:
· Pressures facing the Council over the coming years; reductions in New Homes Bonus Grant, Negative Revenue Support Grant, impact of the Localisation of Business Rates scheme being deferred until 2020/21.
· It was also highlighted that it had been discovered prior to the meeting that due to an error from the Valuation Office, there was a further small reduction.
· Council Tax – the potential to increase this by 2.99%. It was noted that the amount that this would increase the Council Tax by would equate to £76k.
· Business Rates pilot scheme – feedback was still awaited from Central Government, but it was understood that further rounds of bidding would be available in due course.
· The four year settlement which the Council had signed up to, whilst bringing some certainty there were still a number of areas which the Council was awaiting further information on.
· New Homes Bonus (NHB) had been less than anticipated for a number of reasons; the 0.4% levy on growth equated to 169 properties which would have generated approximately £217k additional income.
· The figures provided were on the assumption of an increase of 2.99% (£6.29) in Council Tax. Figures were also beginning to filter through from preceptors.
· The national pay increase was likely to be 2% as opposed to the 1% originally included.
· An increase in national planning applications fees which Members needed to be aware of as this was to be ring-fenced to cover additional resources.
· Assumptions had also been made in respect of the £20m allocated to Investments and Acquisitions, including income.
· The need for only the 2018/19 budget to be balanced at this stage.
In respect of the appendices for savings and additional income and new revenue bids the Executive Director, Finance and Resources drew Members’ attention to £150k to fund transport assessment work, a revenue pressure in respect of the decline in the use of car parks and savings from the new Leisure Centre which would be made in future years.
A number of Capital Bids were also highlighted; £100k funding for Hagley Scouts headquarters extension and refurbishment. It was confirmed that following discussions the Head of Leisure and Cultural Services supported this bid and would be of benefit to the wider community. The figures for allotment fencing had been revised from £41k to £21k. Members felt this was still high and asked for further detail to be provided.
Following presentation of the report Members discussed a number of areas in more detail:-
· Members were pleased to note that there was no impact to service delivery.
· Members were happy to support the Hagley Scouts project.
· The capitalisation of wheelie bin replacement and there estimated life expectancy.
· The cost of resurfacing the car park in Catshill and at the depot. The new procurement guidelines were highlighted to Members to assure them that best value would be achieved.
· The Bromsgrove Energy Efficiency Fund – the ... view the full minutes text for item 88