Agenda item

Draft Budget, Medium Term Plan and Capital Strategy

To consider the draft capital & revenue budget estimates, the medium term financial plan and the capital strategy.  (Joint report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) enclosed)

Minutes:

Consideration was given to the joint report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) which sought consideration of the draft capital and revenue budget estimates, the medium term financial plan and the capital strategy to be recommended to full Council.

 

The following documents were appended to the report, which had been circulated with the agenda:

 

·         Appendix A - Budget estimates and medium term financial plan

·         Appendix B - Budget Summary 2016/17

·         Appendix C - Spalding Special Expenses

·         Appendix D - Reserves

·         Appendix E - Capital estimates

·         Appendix F - Capital strategy

·         Appendix G - Treasury Strategy

·         Appendix H - Fees & Charges

 

Councillor P E Coupland referred to a paper, that was circulated prior to the start of the meeting, which provided details of amended wording to recommendation 5 in respect of Spalding Special Expenses, and an additional recommendation 11 to enable the Interim Chief Accountant to make amendments to the report and appendices, in consultation with the Portfolio Holder for Finance, prior to submission to full Council.

 

RECOMMENDED TO COUNCIL:

 

a)        That the revenue estimates for the General Fund, Housing Revenue Account and Spalding Special Expenses for 2016-17 and outline position through to 2019-20 (as set out in Appendices A, B and C within the report) be approved;

 

b)        That the rent setting for social housing be delayed until receipt of a national rent policy, as defined in the Welfare Reform & Work Act 2016, from the Government;

 

c)         That the fees and charges (as set out in Appendix H within the report) for adoption 1 April 2016 be approved;

 

d)        That the Council Tax for a Band A property in 2016-17 be set at £106.56, a £3.33 per annum increase on 2015-16 levels (Band D £159.84, a £5 per annum increase on 2015-16 levels);

 

e)        That the Spalding special expenses for Band A be set at £15.33 (£15.40 for 2015/16) (Band D £22.99, £23.10 for 2015/16);

 

f)          That the medium term financial plan (as set out in Appendices A and B within the report) be approved;

 

g)        That authority be delegated to the S151 Officer to apply for the four year settlement from central Government when all relevant information was made available;

 

h)        That the capital strategy and capital programme (as set out in Appendices E and F within the report) be approved;

 

i)          That the Treasury Management strategy, including the Minimum Revenue Provision policy and annual investment strategy (as set out in Appendix G within the report) be approved;

 

j)          That the release of budget, as shown in the capital programme for Economic Development from investment and growth funds, be delegated to the S151 Officer in consultation with the Portfolio Holder for Finance to approve projects on receipt of detailed and appropriate business cases which generate an agreed ongoing return and contribute to council objectives; and

 

DECISION:

 

k)         That authority be delegated to the Interim Chief Accountant (Deputy S151 Officer) to make amendments to the report and appendices prior to submission to full Council in consultation with the Portfolio Holder for Finance, provided that the Revenue budget requirement of £11,594,000 and the General Fund capital budget remained unaltered.

 

(Other options considered:

·         To note the report and to approve the recommendation with amendments; or

·         To note the report and not approve the recommendation.

Reasons for decision:

·         To comply with the budgetary and policy framework.

Supporting documents: