Decision details

General Fund Revenue Budget Setting 2012-2015

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

1.      Cabinet agreed that the feedback from consultation with the public, organisations and the Overview and Scrutiny Committee be considered and welcomed (detailed at Appendices 1a, 1b, 1c and 1d of the report).

2.      Cabinet agreed that the Council’s representations on the provisional formula grant settlement be noted (Appendix 2 of the report)

3.      Cabinet agreed hat the changes to the proposed budget (detailed at Appendix 3 of the report), in light of the consultation responses, equalities issues and the final formula grant settlement.

4.      Cabinet agreed that a General Fund budget for 2012/13 of £27.38m (excluding parishes) be recommended to the Council (detailed in Appendices 4 and 5 of the report) for its own purposes.

5.      Cabinet noted the key medium term financial issues as set out at Appendix 6 of the report.

6.      Cabinet noted the Chief Finance Officer’s legal duties detailed in the letter from the Chairman of CIPFA (Appendix 7 of the report).

7.      Cabinet acknowledged the issues and risks detailed in the Section 151 Officer’s statement on the robustness of estimates and the adequacy of the reserves (Appendix 8 of the report).

8.      Cabinet noted the draft Fees and Charges set out in Appendix 9 of the report

9.      Cabinet agreed that authority be delegated to the Director of Finance to make any technical changes necessary to the papers for the Council meeting of 29 February 2012.

10. Cabinet agreed that Council be recommended to delegate authority to the Chief Executive and Director of Finance and Support to implement all budget options and restructures.

11. Cabinet agreed that authority be delegated to the Director of Finance and Support in consultation with the Portfolio Holder for Finance, and where appropriate the relevant Director and Portfolio Holder to:

·        transfer monies to/from earmarked reserves should that become necessary during the financial year.

·        update the budget tables and appendices, prior to Council should any further changes be necessary.

·        update prudential indicators in both the Prudential Indicators report and Treasury Strategy report, for Council for any budget changes that impact on these.

12. Cabinet agreed that the Council be recommended to confirm the reserves strategy of protecting balances wherever possible to allow the option of supporting future years’ budgets, aiming for a minimum level of unallocated general fund balances of £3m at the end of 2012/13 having regard to the outcome of the financial risk assessment and remaining at this level over the medium term.

13. That the Council be recommended not to increase the Council Tax for its own purposes, that is, excluding county, police, and parish precepts for 2012/13.

Publication date: 22/02/2012

Date of decision: 22/02/2012

Decided at meeting: 22/02/2012 - Cabinet

Effective from: 29/02/2012

Accompanying Documents: