Cabinet, 17th February 2016: FINANCIAL STRATEGY 2016/17 – 2018/19 Committee and Date Cabinet 17th February 2016 12:00noon FINANCIAL STRATEGY 2016/17 – 2018/19 Responsible Officer James Walton e-mail:
[email protected] Tel: 01743 255011 1. Summary This report presents for approval the 2016/17 budget and also identifies the proposals for 2017/18 and 2018/19 budgets which will be further developed throughout 2016/17. Cabinet has received 3 financial strategy reports over the last year setting out the budget position for the Council over the next 3 years. The report to Cabinet on 28 October 2015 set out the development of a Sustainable Business Model to allow the Council to consider what services will be affordable going forward. Savings proposals to balance 2016/17 were identified in the report on 9 December 2015 and following the Provisional Local Government Finance Settlement on 17 December 2015, the Financial Strategy report to Cabinet on 27 January refined the 2016/17 budget and provided details of what service budgets would look like in 2017/18 and 2018/19 within the current resource projections. As previously recommended to Council in the report to Cabinet on 9 December 2015, increases in Council Tax of 2% specifically to be used for Adult Social Care and a further 1.99% increase to be used as general resources are included in the projections. This report provides the final position for 2016/17 budget which has been updated for the Final Local Government Finance Settlement, announced on 8 February 2016. This has seen an improved position for Shropshire Council, with an additional £5.5m in Rural Services Delivery Grant and Transitionary grant provided for 2016/17, reducing to £3m in 2017/18.