Decision details

(Report of Director of Finance and Transformation)

The report gave details of how the Medium Term Financial Strategy (MTFS) was being updated in terms of government grant funding.  Reference was made to the significant financial challenges facing the Council, including uncertainty over grant funding, especially New Homes Bonus, and the difficulty of financial planning as demonstrated by best and worst case scenarios.  Consideration was given to the most appropriate way forward for updating the MTFS for the forthcoming budget setting process, a “central case” being regarded as the preferred option.

An update was given at the meeting on the Chancellor’s recent announcement concerning retention of Business Rates by local authorities which would be reported further in due course when more details were available.  In addition the implications of Dartford Borough Council wishing to join the Kent Business Rates Pool were discussed and appreciation was expressed of officers’ efforts in renegotiating membership of the pool.

The Cabinet resolved that:

(1)             the proposed “central case” option be adopted in updating the Medium Term Financial Strategy;

(2)             the significant financial pressure that the Council faces over the next three years be recognised; and

(3)            authority be given for the Council to be part of the  reconstituted Kent Business Rates Pool.