The Medium Term Financial Plan (MTFP) considered by Policy, Projects and Resources Committee on 29 November 2017 gave Members an update on the various significant changes that would impact on the Council’s financial position. Particular issues highlighted, relevant to the General Fund & HRA included the phasing out of the Revenue Support Grant (RSG), changes to the New Homes Bonus & the Business Rates Retention schemes.

The fundamental principles of the Council’s MTFP were to:

(i)            Maintain a sustainable financial position against a background of unprecedented financial uncertainty and reduced government funding, including the delivery of efficiency targets.

(ii)          Support the vision of our Borough through appropriate identification of resources required to deliver the key priorities outlined in the ‘Vision for Brentwood’.

(iii)         Maximise opportunities and mitigate risks associated with the fundamental change to the way in which local government is financed.

The report before Members considered:

(i)            The General Fund budget proposals for 2018/19 to 2020/21.

(ii)          The Housing Revenue Account (HRA) budget proposals for 2018/19 onwards.

(iii)         The Capital Programme 2018/19 to 2020/21.

(iv)         The Treasury Management Strategy for 2018/19.

Cllr Mrs McKinlay MOVED and Cllr Kerslake SECONDED the recommendations in the report and following a full discussion a vote was taken on a show of hands and it was

RESOLVED

General Fund:

1.            To approve the General Fund - Revised MTFP for 2018/19 as shown in Table 9 which includes the proposed savings target, presenting a zero net Funding Gap for 2018/19.

Housing Revenue Account (HRA)

2.      To approve the HRA Business Plan for 2018/19 and beyond as shown in Appendix C of the report.

3.      To approve a 1% decrease in rents for 2018/19 and for the following year.

4.      To recommend to apply the formula rent to all new tenancies from April 2018/19.

Capital programme

5.      To approve the Existing and New Schemes of the proposed Capital Programme for 2018/19 to 2020/21 as set out in Tables 16 and 17 of the report.

Treasury Strategy

6.      To approve the Treasury Management Strategy as set out in Section 12 of the report.

Section 151 Officer’s Assurance Statement

7.      To note the Section 151 Officer’s Assurance Statement as set out in Section 13 of the report.

(Cllr Hirst declared a non-pecuniary interest under the Council’s Code of Conduct by virtue of being a Trustee of Thames Chase).

Reasons for recommendation

The Council is required to approve the Budget as part of the Budget and Policy Framework.