Agenda item

To receive and consider the report of the Executive (enclosed). 

Recommendation to Council supported.

The Executive Member for Resources, Policy and Performance presented a report which sought approval of the Executive’s budget proposal including the Council Tax yield to be received in 2013/14.  The proposals would be presented to Council on 28 February 2013.  An investment package was proposed alongside a 0% increase in Council Tax and a balanced budget. 

There had been an excellent response to the consultation on the proposed budget.  Residents had been asked to provide their opinions on the specific key investment areas aligned with the Council’s corporate strategy priorities and the future level of Council Tax given the impact of a reduction in Council funds.  The consultation ranked the first priority as “Supporting businesses”, followed by “Improving the Town Centre” and thirdly “Neighbourhood working”. 

The Capital Programme continued to progress the Medium Term Financial Strategy (MTFS) objective of setting aside monies to restructure the Council’s debt position.  This enabled the budget gap to be reduced without an impact on service provision.

The new budget investment package was focussed on the new corporate strategy and priorities.  It was consistent with the findings of the budget consultation process, including Neighbourhood working, supporting the expansion of local businesses and improving the health of residents. 

It was clarified that New Homes Bonus (NHB) due to be received post 2012/13 had not been built into the base budget as recurring funding to retain flexibility as the grant was temporary in nature.

Decision made

The Executive recommends that Council approves the budget and proposals set out in the report including:

1.         The Council’s Pay Policy (at Appendix A2) and publication on the Council’s website from April subject to the changes proposed in the Medium Term Financial Strategy attached to this report (at Appendix F).

2.         Maintain fees and charges at current 2012/13 levels (at Appendix A3).

3.         Approve the Capital Programme to 2015/16 (Appendices B1, B2, B3 and B4).

4.         Approve the Budget Investment Package Report (Appendix C and C1).

5.         Approve the Treasury Management Strategy and its core principles set out in Appendix D.

6.         Note the advice of the Statutory Finance Officer in relation to the robustness of the budget and the risks contained in the budget set out in the Statutory Report at Appendix E.

7.         Approve the Council’s Medium Term Financial Strategy (MTFS) (at Appendix F and F1).

8.         Note Significant Budget Movements from the 2012/13 budget (at Appendix G).

9.         Note the Budget Consultation 2013/14 report (at Appendix I).

10.      Note the Assessing the Impact of Budget Proposals 2013/14 report (at Appendix J).

Please note the Council Tax set out in the resolutions (Appendix A1) and Special Expenses and Parish Precepts (at Appendix H) was not before Executive Cabinet but would be considered by Council. 

Reason(s) for decision

To ensure that the Council complies with the requirement to set the budget for 2013/14.

Alternative option(s) considered and rejected

None.