Decision details

The Cabinet will be asked to consider the proposals for the 2016/2017 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 (24 February 2016):

That:-

1.       The revenue and capital budget for 2016/2017 attached at Attachment A and as detailed in Attachment D, Appendix 1-5 of Report No Cab/FH/16/005, 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 2016/2017 (the level of Band D Council Tax for 2016/2017 be set at £137.43).

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 2015/2016 revenue budget to the Invest to Save Reserve as detailed in paragraph 1.9.4, and to vire funds between existing Earmarked Reserves (as set out at Attachment D, Appendix 3) as deemed appropriate throughout the year.

4.      That 100% disregard of War Pension’s, War Widower’s Pensions and Armed Forces Compensation Payments or any other successor scheme, be approved in the calculation of Housing Benefit, as set out in paragraphs 1.4.3 to 1.4.5 below.

5.      The revised Minimum Revenue Provision policy, as set out in section 1.8 and Attachment D Appendix 4, is adopted.

6.       Where the Council has usable capital receipts that are not needed for other purposes, delegated authority be given for the Section151 Officer to apply, where prudent to do so, some or all of it to meet capital expenditure incurred in the current year or previous years under paragraph 23 of Section 21(1B) of the Local Government Act 2003, to reduce or eliminate any MRP that might need to be set aside. Subject to the year-end outturn, unallocated usable capital receipts are used to meet the full CFR value during 2015/2016, thus eliminating the need for an MRP charge in 2016/2017 and until such time that the CFR calculation requires one.