Issue - meetings
Revenue Budget 2020/21
Meeting: 11/02/2020 - Executive (Item 46)
46 Revenue Budget 2020/21 PDF 373 KB
To recommend to Council the annual
budget
Additional documents:
- February Annexes, item 46 PDF 2 MB
- UPDATED Revenue Budget Recommendations and Annexe G, item 46 PDF 240 KB
Minutes:
That the Executive, in recommending to Council a budget and Council Tax level for 2020/21:
i. Confirms the original budget proposals, subject to the revisions in section 8.3 of the Director:Finance’s report and those decisions to be taken elsewhere on this agenda on the capital programme;
ii. Agrees the provision for inflation of £1.998m (section 8.2) of the Director:Finance’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, 8.3, 9.1, 9.3 and 10.6 of the Director:Finance’s report;
iv. Agrees that the Council should make additional funding available for distribution to schools through the local funding formula at the level set out in section 9.1 of the Director:Finance’s report, subject to any minor 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 contingencies totalling £2.250m (section 10.6 of the Director:Finance’s report), use of which are to be authorised by the Chief Executive in consultation with the Director of Finance in accordance with the delegations included in the Council’s constitution;
vi. Subject to the above recommendations, confirms the draft budget proposals;
vii. Approves the Net Revenue Budget before allowance for additional interest from any use of balances as set out in Annexe G of the Director:Finance’s report;
viii. Agrees the contribution of £0.375m to be made from revenue balances (before additional interest from the use of balances) to support revenue expenditure;
ix. Recommends a 3.99% increase in the Council Tax for the Council’s services and that the Council Tax requirement, excluding Parish and Town Council precepts, be set as £63.475m;
x. Recommends that the Council Tax for the Council’s services and that each Valuation Band is set as follows:
Band |
Tax Level Relative to Band D |
£ |
A |
6/9 |
903.90 |
B |
7/9 |
1,054.55 |
C |
8/9 |
1,205.20 |
D |
9/9 |
1,355.85 |
E |
11/9 |
1,657.15 |
F |
13/9 |
1,958.45 |
G |
15/9 |
2,259.75 |
H |
18/9 |
2,711.70 |
xi. Recommends that the Council approves the following indicators, limits, strategies and policies included in Annexe E of the Director:Finance’s report:
· The Prudential Indicators and Limits for 2020/21 to 2022/23 contained within Annexe E(i);
· The Minimum Revenue Provision (MRP) Policy contained within Annexe E(ii);
· The Treasury Management Strategy Statement, and the Treasury Prudential Indicators contained in Annexe E(iii);
· The Authorised Limit Prudential Indicator in Annexe E(iii);
· The Investment Strategy 2020/21 to 2022/23 and Treasury Management Limits on Activity contained in Annexe E(iv);
xii. Approves the virements relating to the 2019/20 budget as set out in Annexe H of the Director:Finance’s report.