Agenda item

Report by the Chief Finance Officer (CC8) including the Leader of the Council’s overview (Section 1), Budget Strategy and Capital Programme (Section 2) and the Directorate Business Strategies (Section 3).The recommendations set out below (and in the report) are made subject to the Chief Finance Officer’s statutory report on the robustness of the budget estimates and adequacy of financial reserves (Section 4).

The Labour, Liberal Democrat, and Green Groups propose to submit amendments to the budget proposals (CC8 Labour), (CC8 Liberal Democrat), and (CC8 Green) respectively and these will be circulated separately.

The Council is RECOMMENDED to:

(a)            approve the updated Financial Strategy as set out in section 2.1;

(b)            (in respect of revenue) approve:

(1)            a medium term plan for 2014/15 to 2017/18 as set out in section 2.2 (which incorporates changes to the existing medium term financial plan as set out in section 2.3);

(2)            a budget for 2014/15 as set out in section 2.4;

(3)            the planned level of balances and reserves as set out in section 2.7.2;

(4)            the council tax and precept calculations for 2014/15 set out in section 2.5 and in particular:

(i)              a precept of £277,733,607;

(ii)            a council tax for band D equivalent properties of £1,208.41;

(5)            the use of Dedicated Schools Grant (provisional allocation) for 2014/15 as set out in section 2.8;

(6)            virement arrangements to operate within the approved budget for 2014/15 as set out in section 2.9;

(c)            (in respect of treasury management) approve:

(1)            the Treasury Management Strategy Statement for 2014/15 as set out in section 2.6;

(2)            that any further changes required to the 2014/15 strategy be delegated to the Chief Finance Officer in consultation with the Leader of the Council and the Cabinet Member for Finance;

(3)            the continued delegation of authority to withdraw or advance additional funds to/from external fund managers to the Treasury Management Strategy Team;

(4)            the Treasury Management Policy Statement as set out at Appendix E of section 2.6;

(d)            approve the Prudential Indicators as set out in Appendix A of section 2.6;

(e)            approve the Minimum Revenue Provision Methodology Statement as set out in Appendix B of section 2.6;

(f)             (in respect of capital) approve:

(1)            the updated Asset Management Plan in section 2.10.1;

(2)            the Transport Asset Management Plan in section 2.10.2;

(3)            a Capital Programme for 2013/14 to 2017/18 as set out in section 2.11;

(g)            approve the directorate business strategies as set out in section 3.1 to 3.6.