Meeting documents

To consider Item 7

The Committee considered the Medium Term Financial Plan 2015/16 to 2019/20, including the proposed Revenue and Capital budgets for 2015/16 and the indicative budgets for the following four years.

The Vice Chairman advised the Committee that its job was to recommend to the full Authority the budget for next year and to set the precept for the coming financial year and this report allowed it to do that with confidence. The Authority had performed extremely well and was in a very sound financial position.

The Head of Finance asked members to note the addendum which replaced Appendix 1 on page 46. The main changes being the council tax surplus and the business rates position, which had not been officially declared until the end of January (after the report had been prepared).

The business rate funding in the budget for 2015/16 had a baseline figure of £4.6m, but now that all authorities had declared, the business rate funding had increased by £488k to £5.1m, which was more than expected. This was shown as a one off increase in growth in contingency for one year.

With regard to Council Tax, now that all authorities had declared their position and some had changed their position, rather than projecting a surplus of £113k the Authority was now projecting a surplus of £329k which was an increase of 216k. It was proposed to put the surplus into the revenue contributions capital as a one- off in year amount.

Before the Authority meeting on 18 February 2015 the final settlement would be checked and the business rate increase would be added to the projected figures for future years.

The Chief Fire Officer advised the Committee that the Authority was in an excellent position and with the work undertaken on the public safety plan the Authority had a strategy for the next five years which was good news for everyone.

The Head of Finance advised the Committee there was a very robust challenge process for capital bids, these were scrutinised by two officer challenge panels and two member challenge panels, which produced good solid bids with positive outcomes for the Authority.

The reserves showed adequate reserves for budget for 2015/16.

The general fund set out some of the risks and potential impacts facing the Authority and the reasons to cover each of those risks.

The Chairman thanked the senior management team on behalf of the Committee for the Authority being in such a good financial position.

The recommendations were approved with a minor amendment to recommendation 1 to read Section 11 (not 10).

RESOLVED –

That the Authority:

1.           note and have due regard to the report and Statement of the Chief Finance Officer (Section 11).

2.           approve a Council Tax precept of £59.13 for a band D equivalent property (no increase from 2014/15) and the revenue budget as set out in Appendix 1.

3.           approve the capital programme for 2015/16 as set out in Appendix 2 and the indicative capital programme for 2016/17 to 2019/20.

4.           agree that the General Fund balance should be maintained at the current level (£3.7 million) and note the estimated movements in earmarked reserves as set out in Appendix 3.

A proposal to adjourn the meeting so that the Committee could receive a presentation by Station Commander Dean Elliott, was moved by the Chairman and seconded and agreed by all members.

RESOLVED:

That the meeting was adjourned

[the meeting adjourned at 10.25 AM; and resumed at 11.10 AM]