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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 30/09/2003
FINANCIAL STRATEGY



Summary & Purpose
The Executive considered the first draft of the Financial Strategy at its meeting on 1st September 2003 and agreed to refer the draft to the Corporate Overview and Scrutiny Committee for comments. Members will also be able to comment on the Strategy at the Finance Seminar on 22nd September.

Quality of Life Implications
Natural Resource Use
Pollution Prevention and Control
Biodiversity and Nature
Local Environment
Social Inclusion
Safe Communities
Local Economy
Natural
Resource Use
Pollution
Prevention and Control
Biodiversity
and Nature
Local
Environment
Social
Inclusion
Safe, Healthy
and Active
Communities
Local
Economy
N/A
N/A
N/A
N/A
N/A
N/A
N/A


REFERENCE FROM THE CORPORATE OVERVIEW AND SCRUTINY COMMITTEE
23RD SEPTEMBER 2003
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E-Government implications:

The Financial Strategy covers all areas of expenditure including the costs of implementing Waverley’s E-Government Strategy and the resources available to fund this.

Resource and legal implications:

The Financial Strategy is a corporate document that identifies the financial issues and policies of the Council. The Strategy is a key element in Waverley’s policy framework relating to prudent financial management.
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The Financial Strategy

1. The Financial Strategy is well established in Waverley and the key policies and issues are presented to members each year in the finance seminar.

2. This report now brings together all of the elements into one document to improve the clarity and understanding of the issues. The Strategy will be updated in the period to February 2004 and the budget process will identify the detailed financial issues for the next three years. Once comments have been made at the finance seminar and this Committee, the Strategy will be recommended to the Council for adoption.

3. The Financial Strategy 2003-2006 will be updated in the light of the following significant areas for which there is currently a large degree of uncertainty:
The Local Government Bill
New Capital Financial Regulations
Prudential Borrowing Guidelines
Government Grant Settlement
HRA Subsidy determination
New legislation

4. The Strategy draws out the following main issues that the Council will need to focus on: Priorities v Non-Priorities
Further Government Legislation
Future council tax increases
Spending on public services in an affluent area.
Government Formula Grant likely to be at ‘floor’ in future settlement.
Formula Grant fixed: Subsequent gearing of 2:1 means that the percentage council tax increase is twice the percentage increase in expenditure.
Transfer of Rent Rebates from HRA
Priorities v Non Priorities
Future rent levels
Funding ‘Decent Home’ standards
Loss of Government Housing Subsidy
Rent Restructuring
Withdrawal of Supporting People Funding
Future Options Appraisal

Capital Expenditure
Priorities v Non-Priorities
Affordable Housing
Decent homes
Leisure provision
Improvements and maintenance of assets
HRA Future Options Appraisal

Recommendation

It is recommended that the Committee passes any comments on the Financial Strategy to the Executive at its meeting on 30th September.
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Background Papers (DoF)

Revenue Budget 2003/04
HRA Business Plan 2003/04
Financial Strategy Seminar Slides – October 2002
Capital Investment Strategy
Asset Management Plan
Best Value Performance Plan 2003/04
Treasury Management Policy
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CONTACT OFFICER:

Name: Paul Wenham Telephone: 01483 523238
E-mail: pwenham@waverley.gov.uk
Comms/exec/2003-04/262