Decision Details

Implemented

2015/16 General Fund Revenue Budget, Capital Programme and Medium Term Financial Forecast

See report of Assistant Chief Executive 

Tue 27 Jan 2015

None

No

Unknown

Yes

Committee

Scrutiny Panel

Yes

No

No

1.1 To note that the outturn for the current financial year is forecast to be within budget and that a reduction in the use of the Food Waste grant is proposed (paragraph 3.5). 1.2 To approve the cost pressures, growth items (including proposed use of New Homes Bonus), savings and increased income options identified during the budget forecast process as set out at Appendices B, C D and E. 1.3 To consider and recommend to Council the 2015/16 Revenue Budget requirement of £23,231k (paragraph 6.7) and the underlying detailed budgets set out in summary at Appendix F and Background Papers subject to the final proposal to be made in respect of Council Tax. 1.4 To recommend to Council Colchester’s element of the Council Tax for 2015/16 at £175.23 per Band D property, which represents no change from the current rate noting that the formal resolution to Council will include Parish, Police, Fire and County Council precepts and any changes arising from the formal Finance Settlement announcement and final completion of the business rates NNDR 1. This will be prepared in consultation with the Leader of the Council. 1.5 To note the provisional Finance Settlement figures set out in Section 7 including the figures for the business rates retention scheme and the arrangements for completion of the required return of estimated business rates income as set out at paragraph 7.11. 1.6 To agree the Revenue Balances for the financial year 2015/16 as set out at Appendix I and agree that the:- • the minimum level be set at a minimum of £1,800k • £71k of balances be applied to finance items in the 2015/16 revenue budget. • A contribution to balances of £560k be made in respect of the specific items shown at paragraph 9.9 1.7. To note the updated position on earmarked reserves set out in section 10 and agree the release of £20k from the S106 monitoring reserve 1.8. To agree and recommend to Council that £100k of Revenue Balances be earmarked for potential unplanned expenditure within the guidelines set out at paragraph 11.3. 1.9. To note the Medium Term Financial Forecast for the financial years 2015/16 to 2018/19. 1.10. To note the position on the Capital Programme shown at section 14 and agree:- • the releases set out in paragraph 14.5 and 14.6. • to recommend to Council the inclusion in the Capital Programme of the Priory Street Car park scheme set out in paragraph 14.7 1.11 To note the comments made on the robustness of budget estimates at section 15. 1.12. To approve and recommend to Council the 2015/16 Treasury Management Strategy Statement, Minimum Revenue Provision Policy Statement and Annual Investment Strategy as set out in the background paper at Appendix M.