Members were reminded that 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.

 

This report 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.

 

Cllr Mrs McKinlay MOVED and Cllr Kerslake SECONDED the recommendations in the report (which reflected the resolution made at the 6.2.2018 Policy, Performance and Resources Committee meeting) and included the three AMENDMENTS  which had been submitted by the Conservative Group in accordance with the Council’s Rules of Procedure.

 

Following a full discussion recorded votes were taken in accordance with Procedure Rule 9.6.  The Mayor had proposed and it was agreed that a separate vote should be taken on recommendations relating to the Housing Revenue Account.

 

In relation to recommendations 2.1, 2.5, 2.6 and 2.7, Members voted as follows:

 

FOR:  Cllrs Barrell, Bridge, Cloke, Mrs Coe, Faragher, Hirst, Mrs Hones, Hossack, Mrs Hubbard, Kerslake, McCheyne, Mrs McKinlay, Mrs Murphy, Parker, Poppy, Mrs Pound, Reed, Mrs Rowlands, Ms Sanders, Mrs Slade, Trump, Tumbridge and Wiles (23)

 

AGAINST:  Cllrs Aspinell, Barrett, Chilvers, Clarke, Mrs Fulcher, Keeble, Kendall, Morrissey, Mynott and Newberry (10)

 

ABSTAIN:  Cllr Russell (1)

 

The MOTION was CARRIED 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.

 

2. To insert Table 11A and paragraph 8.34A (as detailed in Supplement 1 to the agenda) in the main body of the report and insert recommendation 2.1b as follows:

 

   To agree the detail of the proposed savings targets as outlined in   Table 11A.

 

3. Earmarked Reserves – To amend Appendix A referred to in Paragraph 8.47.

 

Capital programme

 

4. 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 this report.

 

5. Amend Table 16 – to include the red highlighted areas in the Capital Programme (As detailed in Agenda Supplement 1)

 

 

Treasury Strategy

 

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

 

Section 151 Officer’s Assurance Statement

 

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

 

Council Tax 2018/19

 

8.  To approve a Council Tax increase of £5 p.a. (Band D) for 2018/19, to fund the growth items outlined in Table 11.A (As detailed in Agenda Supplement 1)

 

Recommendations 2.2, 2.3 and 2.4 related to the Housing Revenue Account and Members voted as follows:

 

FOR:  Cllrs Aspinell,  Barrell, Barrett, Bridge, Chilvers, Clarke, Cloke, Mrs Coe, Faragher, Mrs Fulcher, Hirst, Mrs Hones, Hossack, Mrs Hubbard, Keeble, Kendall, Kerslake, McCheyne, Mrs McKinlay, Morrissey, Mrs Murphy, Mynott, Newberry, Parker, Poppy, Mrs Pound, Reed, Mrs Rowlands, Ms Sanders, Mrs Slade, Trump, Tumbridge and Wiles (33)

 

AGAINST:  None.

 

ABSTAIN:  Cllr Russell (1)

 

The MOTION was CARRIED and it was

 

RESOLVED

 

Housing Revenue Account (HRA)

 

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

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

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

 

Reasons for Recommendation

 

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