Decision details

The Budget setting process for 2015/16, including:

1…Financial Issues Paper

2…Fees & Charges

3…Draft Budget Lists

4…Executive Approval

5…Final Approval

(1)        That the following guidelines for the Council’s General Fund Budget in 2015/16 be recommended to the Council for adoption:

            (a)        the revised revenue estimates for 2014/15, which were anticipated to         increase the General Fund balance by £7,000;

            (b)        an increase in the target for the 2015/16 Continuing Services Budget          (CSB) from £13.15million to £13.35million (including growth items);

            (c)        an increase in the target for the 2015/16 District Development Fund            (DDF) net spend from £204,000 to £1.123million;

            (d)        no change in the District Council Tax for a Band ‘D’ property to keep           the charge at £148.77;

            (e)        the estimated reduction in General Fund balances in 2015/16 of      £30,000;

            (f)         the four-year Capital Programme 2015/16 – 2018/19;

            (g)        the Medium Term Financial Strategy 2014/15 – 2018/19; and

            (h)        the Council’s policy on General Fund Revenue Balances to remain             that they be allowed to fall no lower than 25% of the Net Budget Requirement;

(2)        That the Housing Revenue Account (HRA) budget for 2015/16, including the revised revenue estimates for 2014/15, be recommended to the Council for approval;

(3)        That the Council be requested to approve the proposed rent increases proposed for 2015/16 to give an overall average increase of 2.2%;

(4)        That the creation of a new earmarked reserve, called the ‘Invest to Save Fund’, in the sum of £500,000 to consider proposals which would reduce the Continuing Services Budget in the long-term be recommended to the Council for approval; and

(5)        That the Chief Financial Officer’s report to the Council on the robustness of the estimates for the purposes of the Council’s 2015/16 budgets and the adequacy of the reserves be noted.