The latest Medium Term Financial Strategy, which covers the period 2018/19 to 2021/2022, was approved by members at the Full Council meeting held on Monday 26th February.
The report highlighted the significant financial challenges that the Council has faced since austerity measures were introduced in 2011/12, where the authority has faced cumulative reduction in formula funding of £6.5m or 79%. A change to the Business Rates Retention Scheme, to be revised by Government, and alterations to the New Homes Bonus Scheme, means that the Council will continue to face uncertainty in terms of financial resources available from 2020/21.
In approving the MTFS, the Council also approved that East Staffordshire Borough Council’s portion of Council Tax would freeze at the 2017/18 level. This is the ninth year in a row where East Staffordshire Borough Council’s portion of Council Tax has not increased.
The Council, as part of its commitment to provide value for money services, will continue to undertake detailed reviews of some of it services to highlight any opportunities with the way in which they are being operated.
The strategy also estimates a reduction of 5 full-time equivalent posts over the period 2018/19. This saving will be met through the realignment of officers, within the organisation, and officer retirements.
Councillor Richard Grosvenor, Leader of the Council, said: “I’m delighted that the Medium Term Financial Strategy was approved at Council on Monday evening. Despite significant financial challenges, the Council was able to adopt a strategy which is both prudent and affordable, whilst freezing East Staffordshire Borough Council’s element of the Council Tax for our residents.
“We will continue to ensure that the services provided by the Council are of value for money.”