Issue - meetings

Report of the Chief Executive

Presented by the Corporate Portfolio Holder

The Corporate Portfolio Holder presented the report to Members.

He informed Members that the report outlined that the current financial issues facing the Council would be addressed through the Medium Term Financial Strategy and it introduced the new approach in promoting self-sufficiency and sustaining growth. He stated that the most significant of financial issues was the uncertainty surrounding the shape of the Fair Funding review which would determine the level of business rate baseline, tariffs and levies chargeable against rates collected and could reduce the Council’s business rate income by up to £1.7m from 2020/21.  He advised Members that it would have a big impact on the authority as it had met its business growth requirements.

He informed Members that the plan would also present ‘self-sufficiency’ targets to reduce the reliance on government grant and the targets would enable the Council to align the use of Government grants to support local infrastructure development and growth initiatives that in turn would assist with achieving sustainable growth through additional council tax and business rate income. He highlighted that it would be dependent on the success of the bid that had been submitted by the Leicester and Leicestershire Authorities for the pilot.

He thanked the Chief Executive for her work on the strategy so far.

It was moved by Councillor N J Rushton, seconded by Councillor R Blunt and

RESOLVED THAT:

The financial issues facing the Council would be addressed through the Medium Term Financial Strategy, due for approval by Cabinet and Council in February 2018 be noted.

Reason for decision: Requirement of the budget setting process