Decision details

The Cabinet will consider the proposals for the 2015/2016 budget, and medium term financial strategy, prior to its approval by full Council.  This report includes the Minimum Revenues Provision (MRP) Policy and Prudential Indicators.

RECOMMENDED TO COUNCIL:

That:

(1)     the revenue and capital budget for 2015/2016 attached at Attachment A to Report No: CAB/SE/15/005,  and as detailed in Attachment D, Appendix 1-5 and Attachment E be approved;

(2)     having taken into account the conclusions of the Head of Resources and Performance’s report on the adequacy of reserves and the robustness of budget estimates (Attachment C) and the Medium Term Financial Strategy (MTFS) (Attachment D), particularly the Scenario Planning and Sensitivity Analysis (Attachment D and Appendix 5) and all other information contained in this report, Cabinet recommends a 0% increase in council tax for 2015/2016;

(3)     the Head of Resources and Performance, in consultation with the Portfolio Holder for Resources and Performance, be authorised to transfer any surplus from the 2014/2015 revenue budget to the Invest to Save Reserve as detailed in paragraph 1.8.4, and to vire funds between existing Earmarked Reserves (as set out at Attachment D, Appendix 3) as deemed appropriate throughout the year; and

(4)    that the use of the Council’s discretionary power (S47 Local Government Finance Act) to provide the transitional relief be approved and delegated authority be given to the Head of Resources and Performance, in consultation with the Portfolio Holder for Resources and Performance, to determine the final guidelines for the operation of the transitional relief for 2015/2016 and 2016/2017 following the current scheme and guidance issued by Government (Attachment F), as set out in paragraphs 1.4.3 to 1.4.7 of Report No: CAB/SE/15/005.