Agenda item

(Finance & Economic Development Portfolio Holder) To consider the minutes from the recent meeting of the Finance & Performance Management Cabinet Committee held on 25 January 2010 and the recommendations therein (C-087-2009/10).

Risk Management – Updated Corporate Risk Register

(1)        That the likelihood for the risk relating to Depot Accommodation be increased from E (very low) to B (high);

(2)        That the likelihood for the risk relating to Capital Receipts spent on non revenue generating Assets be increased from D (low) to C (significant);

(3)        That the likelihood for the risk relating to Loss or Theft of Data be increased from D (low) to C (significant);

(4)        That the current tolerance line on the risk matrix be considered satisfactory and not be amended; and

(5)        That, incorporating the above agreed changes, the amended Corporate Risk Register be approved.

Risk Management – Corporate Documents

(6)        That the updated Risk Management Strategy be adopted; and

(7)        That the updated Risk Management Policy Statement be adopted; and

Council Budget 2010/11

(8)        That, in respect of the Council’s General Fund Budgets for 2010/11, the following be adopted:

(a)        the revised revenue estimates for 2009/10 and the anticipated reduction in the General Fund balance of £837,000;

(b)        an increase in the target for the 2010/11 Continuing Services Budget from £18million to £18.1million (including growth items);

(c)        an increase in the target for the 2010/11 District Development Fund net spend from £1.3million to £1.4million;

(d)        an increase of 1.5% in the District Council Tax for a Band ‘D’ property to raise the charge from £146.61 to £148.77;

(e)        the estimated reduction in General Fund balances in 2010/11 of £497,000;

(f)         the four year Capital Programme 2010/11 – 2013/14;

(g)        the Medium Term Financial Strategy 2010/11 – 2013/14; 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, including the revised revenue estimates for 2009/10, the 2010/11 HRA budget be agreed;

(3)        That the application of the rent increases and decreases proposed for 2010/11, in accordance with the Government’s rent reforms and the Council’s approved rent strategy, with the addition of an extra element to give an average overall increase of 2.4% be noted;

(4)        That the established policy of capitalising deficiency payments to the pension fund be maintained, in accordance with the Capitalisation Direction request made to the Department for Communities and Local Government;

(5)        That the Council’s Prudential Indicators be agreed;

(6)        That the Council’s Treasury Management Strategy for 2010/11 be agreed; and

(7)        That the Chief Financial Officer’s report to the Council on the robustness of the estimates for the purposes of the Council’s 2010/11 budgets and the adequacy of the reserves be noted.

The Portfolio Holder for Finance & Economic Development presented the minutes from the meeting of the Finance & Performance Management Cabinet Committee held on 25 January 2010. Recommendations had been made regarding: the updated Corporate Risk Register; the Corporate Risk Management Documents; and the Council Budget for 2010/11. The Organisational Assessment for the Council, which formed part of the Comprehensive Area Assessment for 2009/10, had also been considered by the Cabinet Committee.

Decision:

Risk Management – Updated Corporate Risk Register

(1)        That the likelihood for the risk relating to Depot Accommodation be increased from E (very low) to B (high);

(2)        That the likelihood for the risk relating to Capital Receipts spent on non revenue generating Assets be increased from D (low) to C (significant);

(3)        That the likelihood for the risk relating to Loss or Theft of Data be increased from D (low) to C (significant);

(4)        That the current tolerance line on the risk matrix be considered satisfactory and not be amended; and

(5)        That, incorporating the above agreed changes, the amended Corporate Risk Register be approved.

Risk Management – Corporate Documents

(6)        That the updated Risk Management Strategy be adopted; and

(7)        That the updated Risk Management Policy Statement be adopted; and

Council Budget 2010/11

(8)        That, in respect of the Council’s General Fund Budgets for 2010/11, the following be adopted:

(a)        the revised revenue estimates for 2009/10 and the anticipated reduction in the General Fund balance of £837,000;

(b)        an increase in the target for the 2010/11 Continuing Services Budget from £18million to £18.1million (including growth items);

(c)        an increase in the target for the 2010/11 District Development Fund net spend from £1.3million to £1.4million;

(d)        an increase of 1.5% in the District Council Tax for a Band ‘D’ property to raise the charge from £146.61 to £148.77;

(e)        the estimated reduction in General Fund balances in 2010/11 of £497,000;

(f)         the four year Capital Programme 2010/11 – 2013/14;

(g)        the Medium Term Financial Strategy 2010/11 – 2013/14; 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;

(9)        That, including the revised revenue estimates for 2009/10, the 2010/11 HRA budget be agreed;

(10)      That the application of the rent increases and decreases proposed for 2010/11, in accordance with the Government’s rent reforms and the Council’s approved rent strategy, with the addition of an extra element to give an average overall increase of 2.4% be noted;

(11)      That the established policy of capitalising deficiency payments to the pension fund be maintained, in accordance with the Capitalisation Direction request made to the Department for Communities and Local Government;

(12)      That the Council’s Prudential Indicators be agreed;

(13)      That the Council’s Treasury Management Strategy for 2010/11 be agreed; and

(14)      That the Chief Financial Officer’s report to the Council on the robustness of the estimates for the purposes of the Council’s 2010/11 budgets and the adequacy of the reserves be noted.

Reasons for Decision:

The Cabinet were satisfied that the Cabinet Committee had fully addressed all the relevant issues in relation to the recommendations and that these should be endorsed.

Other Options Considered and Rejected:

The Cabinet were satisfied that the Cabinet Committee had considered all the relevant options in formulating their recommendations. The Cabinet did not consider that there were any further options.