Cabinet Member for Finance and Performance

Cabinet considered the report of the Chief Financial Officer and the above Cabinet Member, which set out the draft 2019/20 Revenue Budget and the draft Medium Term Financial Plan.

The Cabinet Member for Finance and Performance introduced the report which he explained had been considered by the Scrutiny Committee at their meeting on Wednesday 23 January 2019 and, he thanked them for their comments.  The Cabinet Member noted that Kent had not been successful in its bid for being a Business Rate Pilot in 2019/20.  He spoke about the proposed increase in Council Tax, which he regretted but noted that at 2.7% it was in-line with inflation.  The Cabinet Member stated that he was proud of the position the Council had reached with regard to regenerating the town centre and stated that the reserves were required to support that work.

The Cabinet Member for Finance and Performance endorsed the report and proposed the recommendations. 

In response to a request from a Member, the Vice-Chairman in-the-Chair confirmed that a copy of any response received from the Secretary of State in relation to why the Kent pilot bid had been unsuccessful, would be sent to all Group Leaders. 

Following a query from a Member, the Chief Financial Officer explained that the two loans from other local authorities were short-term borrowing at a low rate.

In response to queries from Members, the Cabinet Member for Finance and Performance, reported that there had not been any progress in relation to land acquired adjacent to Swale House.  He explained that the site was closely connected to whatever the plans for Swale House were likely to be.   The Cabinet Member considered that £3,360 for car park maintenance was reasonable, and that the Council had reserves which it could use if required.  The Cabinet Member for Finance and Performance stated that it was important to ensure that the Council had reserves until it became “self-sufficient”. 

Recommendations:

(1)       That the 2019/20 Revenue Budget proposals be approved.

(2)       That the proposed Council Tax band D increase for 2019/20 to £174.42 be approved.

(3)       That the Medium Term Financial Plan be noted.

(4)       That the Capital Strategy be approved.

(5)       That the Capital Programme proposals be approved.

(6)       That the additional amount of Council Tax for Parish and Town Precepts be noted.

(7)       That the Minimum Revenue Provision Statement as set out in Appendix VIII of the report be approved.