Agenda item

Cabinet Member: Leader

Forward Plan Ref: 2012/119

Contact: Lorna Baxter, Deputy Chief Finance Officer Tel: (01865) 323971

Report of The Leader of the Council (CA7Leader)

Report by Assistant Chief Executive & Chief Finance Officer (CA7).

This report is the final report to Cabinet in the series on the service & resource planning process for 2013/14 to 2016/17, providing councillors with information on budget issues for 2013/14 and the medium term. Information outstanding at the time of the Cabinet meeting will be reported to Council when it considers the budget on 19 February 2013.

The report sets out the latest information on the Council’s financial position, including the treasury management strategy for 2013/14 and an updated capital programme.

The Leader of the Council has prepared a separate report, circulated alongside this report, which sets out the basis for the Cabinet’s proposals. The proposals take into account comments to date from the public consultation on the budget (which closes on 1 February 2013) as well as the latest information on the Council’s financial position outlined in this report, and also comments on the draft budget proposals from the individual Scrutiny Committees on 10 January 2013.

The Cabinet is RECOMMENDED to:

(a)   (in respect of revenue) RECOMMEND Council to approve:

(1)         a budget for 2013/14 and a medium term plan to 2016/17, based on the proposals set out by the Leader of the Council;

(2)         a council tax requirement (precept) for 2013/14;

(3)         a council tax for band D equivalent properties;

(4)         virement arrangements to operate within the approved budget;

(b)  (in respect of treasury management) RECOMMEND Council to approve:

(1)         the Treasury Management Strategy Statement ;

(2)         that any further changes required to the 2013/14 strategy be delegated to the Chief Finance Officer in consultation with the Leader of the Council.

(c)   RECOMMEND Council to approve the Prudential Indicators as set out in Appendix A of Annex 7.

(d)  RECOMMEND Council to approve the Minimum Revenue Provision Methodology Statement as set out in Appendix B of Annex 7.

(e)   (in respect of capital) RECOMMEND Council to approve:

(1)         the updated Capital Strategy, Corporate Asset Management Plan and Transport Asset Management Plan;

(2)         a Capital Programme for 2012/13 to 2016/17;

(f)     delegate authority to the Leader of the Council, following consultation with the Chief Finance Officer, to make appropriate changes to the proposed budget.

Cabinet considered the final report in the series on the service & resource planning process for 2013/14 to 2016/17. It provided information on budget issues for 2013/14 and the medium term. The report set out the latest information on the Council’s financial position, including the treasury management strategy for 2013/14 and an updated capital programme.

Cabinet also considered: a report by the Leader of the Council which set out the basis for the Cabinet’s proposals and an addenda by the Assistant Chief Executive & Chief Finance Officer on the collection rate.

During discussion Cabinet noted that there was still uncertainty and that information was still to be received from central government. Cabinet thanked Sue Scane, Lorna Baxter and the Finance Team for their work during a difficult and challenging process. The Leader also thanked Councillor Shouler who before ill health had been Cabinet Member for Finance and had done a lot of preparatory period during that period.

RESOLVED:             to:

(a)   (in respect of revenue) RECOMMEND Council to approve:

(1)         a budget for 2013/14 and a medium term plan to 2016/17, based on the proposals set out by the Leader of the Council;

(2)         a council tax requirement (precept) for 2013/14;

(3)         a council tax for band D equivalent properties;

(4)         virement arrangements to operate within the approved budget;

(b)   (in respect of treasury management) RECOMMEND Council to approve:

(1)         the Treasury Management Strategy Statement ;

(2)         that any further changes required to the 2013/14 strategy be delegated to the Chief Finance Officer in consultation with the Leader of the Council.

(c)   RECOMMEND Council to approve the Prudential Indicators as set out in Appendix A of Annex 7.

(d)   RECOMMEND Council to approve the Minimum Revenue Provision Methodology Statement as set out in Appendix B of Annex 7.

(e)   (in respect of capital) RECOMMEND Council to approve:

(1)         the updated Capital Strategy, Corporate Asset Management Plan and Transport Asset Management Plan;

(2)         a Capital Programme for 2012/13 to 2016/17; and

(f)     delegate authority to the Leader of the Council, following consultation with the Chief Finance Officer, to make appropriate changes to the proposed budget.