Decision details

The Chief Finance Officer presented the report providing a strategic overview of the budgetary position for the 2018/19 financial year and beyond including an indication of the likely level of available resources and the known demand for resources and the proposals to ensure that a balanced budget was achieved.

The Chief Finance Officer updated Members on the position with regards to the four year settlement and business rates. He advised of the impact that the proposed Business Rates reset could have on the Council’s finances and that all Devon authorities had applied to take part in the Business rate pilot for the 100% retention of Business rates. Whilst the outcome was unknown this could potentially benefit the Council by between £300,000 and £500,000 for 2018/19.

The Leader welcomed the balanced budget for the coming year whilst recognising that work would need to be done to address the savings required in future years.

RESOLVED that the contents of the report be noted and that the proposals to establish a balanced revenue budget and capital programme be approved.