Decision details

Financial Strategy and Plan 2019-2020

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

The purpose of the report is to update the Council’s medium term financial strategy and action plan to help guide the management of the Council’s finances having signed up to the government’s four year settlement in the previous year, and to build upon the work already achieved in the deficit reduction plan in previous years.

The key recommendations from this report will help formulate the 2019-20 budget, and level of Council Tax.

Cabinet is asked to recommend to Council the following;
(1) The key financial principles and actions of the five year financial strategy
(2) That the current five year Financial Model is noted
(3) That a minimum level of general fund reserves be set, having considered the recommendations from the Corporate Governance and Audit Committee
(4) That the current resources position is noted.

Decision:

RECOMMENDATION TO THE COUNCIL

 

(1)  That the key financial principles and actions of the five year Financial Strategy set out in appendix 1 to the agenda report be approved.

 

(2)  That the current five year Financial Model detailed in appendix 2 to the agenda report be noted.

 

(3)  That, having considered the recommendations from the Corporate Governance and Audit Committee, the Minimum Level of the General Fund Reserves be set at £6.3 m.

 

(4)  That the Director of Corporate Services be given delegated authority, following consultation with the Cabinet Member for Corporate Services, to accept the government’s offer to participate in the 75% localisation business rate pilot for 2019-2020, if the West Sussex councils’ bid is successful, or if not, to revert back to the Coastal West Sussex existing pooling arrangement for the coming financial year.

 

(5)  That the current resources position as set out in appendix 3 to the agenda report be noted.

 

 

Report author: Mrs Helen Belenger

Publication date: 05/12/2018

Date of decision: 04/12/2018

Decided at meeting: 04/12/2018 - Cabinet

Accompanying Documents: