Decision details

That the Executive, in recommending to Council a budget and Council Tax level for 2016/17:

      i.        Confirms the original budget proposals, subject to the revisions in section 8.3 of the Borough Treasurer and Chief Executive’s report and those decisions to be taken elsewhere on this agenda on the capital programme;

     ii.        Agrees the provision for inflation of £0.765m (section 8.2 of the Borough Treasurer and Chief Executive’s report );

    iii.        Agrees the additional budget proposals as set out in Annexe A and Annexe D and in sections 6.2, 6.3, 7.3 and 7.4 of the Borough Treasurer and Chief Executive’s report ;

   iv.        Agrees that the Council should fund the Schools budgets at the level set out in section 9.1 of the Borough Treasurer and Chief Executive’s report subject to any amendments made by the Executive Member for Children, Young People and Learning following the receipt of definitive funding allocations for Early Years and High Needs pupils;

    v.        Includes a general contingency of £1.000m, use of which is to be authorised by the Chief Executive in consultation with the Borough Treasurer in accordance with the delegations included in the Council’s constitution (section 10.6 of the Borough Treasurer and Chief Executive’s report);

   vi.        Subject to the above recommendations, confirms the draft budget proposals;

  vii.        Approves the Net Revenue Budget before allowance for loss of interest from any use of balances as set out in Annexe G of the Borough Treasurer and Chief Executive’s report;

 viii.        Agrees a £5.161m contribution from revenue balances (before loss of interest on use of balances) to support revenue expenditure;

   ix.        Recommends that the Council Tax requirement, excluding Parish and Town Council precepts, be set as £49.795m;

    x.        Recommends a 3.99% increase in the Council Tax for the Council’s services and that each Valuation Band is set as follows:

   xi.        Recommends that the Council approves the following indicators, limits, strategies and policies included in Annexe E of the Borough Treasurer and Chief Executive’s report:

·         The Prudential Indicators and Limits for 2016/17 to 2018/19 contained within Annexe E(i) of the Borough Treasurer and Chief Executive’s report;

·         The Minimum Revenue Provision (MRP) Policy contained within Annexe E(ii) of the Borough Treasurer and Chief Executive’s report;

·         The Treasury Management Strategy Statement, and the Treasury Prudential Indicators contained in Annexe E(iii) of the Borough Treasurer and Chief Executive’s report;

·         The Authorised Limit Prudential Indicator in Annexe E(iii) of the Borough Treasurer and Chief Executive’s report;

·         The Investment Strategy 2016/17 to 2018/19 and Treasury Management Limits on Activity contained in Annexe E(iv) of the Borough Treasurer and Chief Executive’s report;

  xii.        Approves the virements relating to the 2015/16 budget as set out in Annexe H of the Borough Treasurer and Chief Executive’s report and recommends those that are over £0.100m for approval by Council.

The recommendations are designed to enable the Executive to propose a revenue budget and Council Tax level for approval by Council on 24 February.

Background information relating to the options considered is included in the Borough Treasurer and Chief Executive’s report.

None

Method of Consultation: The Council’s web site, a dedicated mailbox and a letter to all business ratepayers.

Targeted consultation exercises will be undertaken with business rate payers, the Schools Forum, Parish Councils and voluntary organisations. In addition, this report and all the supporting information will be publicly available to any individual or group who wish to comment on any proposal included within it. Internal consultation is via officers, members and more specifically the Overview & Scrutiny Commission and its panels.