Issue - items at meetings - FP881 2019/20 Budget Proposals and Medium Term Financial Forecasts
Issue - meetings
FP881 2019/20 Budget Proposals and Medium Term Financial Forecasts
Meeting: 08/01/2019 - Cabinet (Item 93)
93 Budget Proposals and Medium Term Forecasts 2019/20 (Forward Plan Reference FP881) PDF 314 KB
Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the budget proposals for 2019/20.
(Note: This report will be considered at the Resources Overview and Scrutiny Committee meeting on 14 January 2019).
Additional documents:
- 7b - Appendix A and B General Fund final, item 93 PDF 125 KB
- 7b - Appendix C and D Efficiency Savings and Growth Items, item 93 PDF 51 KB
- 7b - Appendix E - fees and charges, item 93 PDF 803 KB
- 7b - Appendix F HRA Summary, item 93 PDF 79 KB
- 7b - Appendix G - HRA Change Analysis, item 93 PDF 351 KB
- 7b - Appendix H - HRA Fees charges 19-20, item 93 PDF 118 KB
- 7b - Appendix I - Capital Programme, item 93 PDF 129 KB
- 7b - Appendix J - Capital Financing Summary, item 93 PDF 18 KB
- 7b - Appendix K - Capital Reserves and Grant Balances, item 93 PDF 26 KB
- 7b - Appendix L - MTFS, item 93 PDF 585 KB
- 7b - Appendix M - Treasury Management Strategy and MRP Policy, item 93 PDF 646 KB
- 7b - Appendix N - Investment Strategy, item 93 PDF 302 KB
- 7b - Appendix O - Capital Strategy, item 93 PDF 453 KB
Decision:
The Cabinet approved the following budget proposals and noted that any comments from the Resources Overview and Scrutiny Committee on 14 January will be returned to the Special Cabinet on 22 January for consideration before final recommendations were made to the Council meeting on 4 February 2019.
General Fund
The proposed General Fund Budget as summarised in Appendix A, and detailed in appendix B.
The inclusion of the savings and growth proposals into the budget as detailed in appendices C and D.
The approval of the 2019/20 fees and charges which have been incorporated into the budget proposals, as set out in appendix E.
The increase in the Council’s Band D Tax of £5.16 (2.5%), taking the average Band D Tax to £211.77 for 2019/20.
Housing Revenue Account
That dwelling rents are reduced by 1% in accordance with Government legislation, resulting in an average rent of £103.37 per week.
The continuation of the policy charge formula rent minus 1% when vacant properties are re-let.
The approval of the Housing Revenue Account budget for 2019/20 as shown in appendix F.
The approval of the 2019/20 fees and charges which have been incorporated into the budget proposals, as set out in appendix H.
The Medium Term Financial Strategy to maintain Housing Revenue Account working balances to around 5% of rental income.
Capital Programme
The approval of the Capital Programme for 2019/20 to 2023/24 as set out in Appendix I.
The approval of the Capital Financing for the Capital Programme, for 2019/20 to 2023/24 as set out in Appendix J.
Medium Term Financial Strategy
The approval of the Medium Term Financial Strategy for 2019/20 – 2021/22 as set out in appendix L.
Other Strategies
The approval of the Treasury Management Strategy for 2019/20 as set out in appendix M.
The approval of the Investment Strategy for 2019/20 as set out in appendix N
The approval of the Capital Strategy for 2019/20 as set out in appendix O.
Minutes:
Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the budget proposals for 2019/20.
(1) The Decision Taken
RESOLVED:
That the Cabinet approves the following budget proposals and notes that any comments from the Resources Overview and Scrutiny Committee on 14 January will be returned to the Special Cabinet on 22 January for consideration before final recommendations were made to the Council meeting on 4 February 2019.
General Fund
The proposed General Fund Budget as summarised in appendix A, and detailed in appendix B.
The inclusion of the savings and growth proposals into the budget as detailed in appendices C and D.
The approval of the 2019/20 fees and charges which have been incorporated into the budget proposals, as set out in appendix E.
The increase in the Council’s Band D Tax of £5.16 (2.5%), taking the average Band D Tax to £211.77 for 2019/20.
Housing Revenue Account
That dwelling rents are reduced by 1% in accordance with Government legislation, resulting in an average rent of £103.37 per week.
The continuation of the policy charge formula rent minus 1% when vacant properties are re-let.
The approval of the Housing Revenue Account budget for 2019/20 as shown in appendix F.
The approval of the 2019/20 fees and charges which have been incorporated into the budget proposals, as set out in appendix H.
The Medium Term Financial Strategy to maintain Housing Revenue Account working balances to around 5% of rental income.
Capital Programme
The approval of the Capital Programme for 2019/20 to 2023/24 as set out in appendix I.
The approval of the Capital Financing for the Capital Programme for 2019/20 to 2023/24 as set out in appendix J.
Medium Term Financial Strategy
The approval of the Medium Term Financial Strategy for 2019/20 – 2021/22 as set out in appendix L.
Other Strategies
The approval of the Treasury Management Strategy for 2019/20 as set out in appendix M.
The approval of the Investment Strategy for 2019/20 as set out in appendix N.
The approval of the Capital Strategy for 2019/20 as set out in appendix O.
(2) Reasons for the Decision
Despite a challenging financial environment with a continued reduction in Government financial support the Council had been able to produce a General Fund budget that protected and invested in services.
The impact of salary changes and contract inflation had been offset through a combination of further savings and income generation, together with a rise in Council Tax and a small drawdown from balances.
Having regard to savings and additional income generation for 2019/20, notable items included £600,000 from commercial property investment, a greater than predicted take up of the garden waste service and a reduction in the fee paid to GLL to manage leisure facilities. However, no income from the bereavement services development was now likely until 2020/21.
£235,000 of fixed term growth items would be funded from earmarked reserves previously established for this purpose.
It was proposed to increase Council Tax by 2.5% or £5.00 per Band D ... view the full minutes text for item 93