Item 6.1 General Fund and HRA Budget 2017/20
NOTED: that the Leader of the Council had delegated to the Cabinet the power to make the decisions set out below:
RESOLVED to
1.1 recommend to full Council:
I. A 1.99% increase in the Council Tax for Croydon Services
II. A 3% increase in the Adult Social Care precept (a charge Central Government has assumed all Councills will levy in it's spending power calculations).
III. Note the GLA increase of 1.5% (the increase is solely associated with the Police budget).
With reference to the principles for 2017/18 determined by the Secretary of State under Section52ZC (1) of the Local Government Finance Act 1992 (as amended) confirm that in accordance with s.52ZB (1) the Council Tax and GLA precept referred to above are not excessive in terms of the most recently issued principles and as such to note that no referendum is required. This is detailed further in section 5.4 of this report.
IV. The calculation of budget requirement and council tax as set out in Appendix D and E. Including the GLA increase this will result in a total increase of 4.3% in the overall council tax bill for Croydon.
V. The three year revenue budget assumptions as detailed in this report and the associated appendices :-
• Appendix A the programme of revenue savings and growth by department for 2017/20.
• Appendix B The Council's detailed budget book for 2017/18
VI. The Capital Programme as set out in section 12, table 22 and 23 of this report.
VII. The continuation of the Council's existing Council Tax Support Scheme in 2017/18 as detailed in section 10.4 of this report.
VIII. The adoption of the Pay Policy statement at Appendix H;
1.2 agree:
I. A rent decrease for all Council tenants for 2017/18, in line with the Government's social rent policy which has legislated to reduce social rents by 1%.
II. Garage and Parking space rents will increase by 2 % per week.
III. The service charges for caretaking, grounds maintenance and bulk refuse collection will increase by 2% per week as detailed in section 11.
1.3 note:-
I. That in respect of the Council's public sector equalities duties where the setting of the capital, revenue and HRA budget result in new policies or policy change the relevant service department will carry out an equality impact assessment to secure delivery of that duty including such consultation as may be required.
II. The progress being made towards balancing the Council's financial position for 2016/17 as at Quarter 3 and the current projected outturn forecast of £0.732m as set out in the report at item 6.3 on this agenda.
III. The response to the draft local government settlement which is attached at Appendix F.
IV. That pre-decision scrutiny of the proposed budget 2017/20 took place at the Scrutiny and Overview Committee on the 13th December 2016 with no recommendations made by the Scrutiny and Overview Committee.
V. The statement on reserves and balances and robustness of estimates from the statutory Section 151 Officer.
Item 6.2: Treasury Management Strategy Statement, Minimum Revenue Provision
Policy Statement & Annual Investment Strategy 2017/2018
NOTED: that the Leader of the Council had delegated to the Cabinet the power to make the decisions set out below:
RESOLVED to recommend to Full Council that it approve:
1.1. The Treasury Management Strategy Statement 2017/2018 as set out in this report including the recommendations that:
1.1.1. The Council takes up the balance of its 2016/2017 borrowing requirement and future years' borrowing requirements, as set out in paragraph 3.6.
1.1.2. That for the reasons detailed in paragraph 3.11, opportunities for debt rescheduling are reviewed throughout the year by the Executive Director of Resources and Section 151 Officer and that, he be given delegated authority, in consultation with the Cabinet Member for Finance and Treasury and in conjunction with the Council's independent treasury advisers, to undertake such rescheduling only if revenue savings or additional cost avoidance can be achieved at minimal risk in line with organisational considerations and with regard to the Housing Revenue Account (HRA) as set out in the Council's Finance Strategy 2016-2020.
1.1.3. That delegated authority be given to the Executive Director of Resources and Section 151 Officer, in consultation with the Cabinet Member for Finance and Treasury, to make any necessary decisions to protect the Council's financial position in light of market changes or investment risk exposure.
1.2. The Annual Investment Strategy as set out in paragraph 3.14 of the report.
1.3. That the Authorised Borrowing Limits (required by Section 3 of the Local Government Act 2003) as set out in paragraph 3.7 and as detailed in Appendix C of the report be as follows:
2017/2018 2018/2019 2019/2020
£1,234.442m £1,365.442m £1,372.442m
The Prudential Indicators as set out in Appendix C of the report.
1.4. The Annual Minimum Revenue Provision Policy Statement (required by SI 2008/414) as as set out in Appendix D of this report.
1.5. The Council's authorised counterparty lending list as at 31st December 2016 as set out in Appendix E of this report and the rating criteria set for inclusion onto this list.
Item 6.3: Quarter 3 financial performance report 2016-17
NOTED: that the Leader of the Council had delegated to the Cabinet the power to make the decisions set out below:
RESOLVED to
i) Note the current revenue outturn forecast at the end of the third quarter of 2016/17 of £0.732m over budget, (0.26% of net expenditure) and the actions put in place to reduce the overspend;
ii) Note the HRA position of a £0.290m forecast underspend against budget;
iii) Note the capital outturn projection of £90.23m forecast under spend against budget;
iv) Approve the virements set out in Section 5.