Issue - meetings

2019/20 Draft Revenue and Capital Budgets and Medium Term Financial Plan

Meeting: 07/02/2019 - District Executive (Item 117)

117 2019/20 Draft Revenue and Capital Budgets and Medium Term Financial Plan PDF 223 KB

Additional documents:

Decision:

RESOLVED:	That District Executive:-
	a.	recommend that Full Council approves the Net Revenue Budget for 2019/20 of £16,197,800, as set out in the Revenue Account Summary (paragraph 46) and in detail in Appendix A for the District Executive and four Area Committees, subject to any final amendments;
	b.	recommend to Full Council a 2019/20 Council tax annual increase of 2.85%, increasing the annual Band D rate by £4.63 to £167.11. Full Council to note this new annual rate comprises £165.26 for SSDC services, raising £9,959,571, and £1.85 on behalf of the Somerset Rivers Authority, raising £111,492;
	c.	recommends to Full Council the reprioritisation of £2.5m from the MTFP support fund to Regeneration as detailed in paragraph 43;
		recommends that Full Council approves the additions to the Capital Programme for new capital bids of £1.7395m as shown in Appendix D.
Reason:	To set out the Draft Budget and proposed council tax for 2019/20 to enable Executive to recommend proposals to Full Council for approval. The report is based on the Medium Term Financial Plan (Revenue Budgets for 2019/20 to 2023/24) and also includes proposed additions to the Capital Programme.

(Voting: 9 in favour, 0 against, 1 abstention)

Minutes:

The Portfolio Holder for Finance and Legal Services introduced the report and advised that a balanced budget was presented for 2019/20 whilst maintaining services to the public. Funding was being committed to the priority regeneration projects in Yeovil and Chard so they would be fully funded and an increase in Council Tax of 2.85% was proposed. He concluded by thanking the Finance staff for their work in producing the balanced budget.

In response to questions from Members, the Portfolio Holder for Finance and Legal Services and the Section 151 Officer advised:-

· The level of Business Rates was set by the Government and SSDC were the collection agency.

· The Council’s investments were producing the returns expected.

· Officers would check and report where the funding previously set aside for flooding issues had been allocated.

· There was no fixed timetable for the Council to embark on short term borrowing and it would depend upon income from investments.

· The Government Guidance on income generation for Local Authorities was around the scale of risk which they were entering into. The guidance was for prudent investment and proportionate financing.

The Section 151 Officer drew Members attention to his officer conclusion on page 104 in which he gave reassurance that the budget was robust and the levels of reserves and balances had been reviewed and were adequate. He noted there was uncertainty in future years from the Government’s Fair Funding Review and the review of New Homes Bonus but he said good progress was being made and a clear strategy was in place.

At the conclusion of the debate, the majority of Members were content to propose the recommendations for confirmation by Full Council.

RESOLVED:	That District Executive:-
	a.	recommend that Full Council approves the Net Revenue Budget for 2019/20 of £16,197,800, as set out in the Revenue Account Summary (paragraph 46) and in detail in Appendix A for the District Executive and four Area Committees, subject to any final amendments;
	b.	recommend to Full Council a 2019/20 Council tax annual increase of 2.85%, increasing the annual Band D rate by £4.63 to £167.11. Full Council to note this new annual rate comprises £165.26 for SSDC services, raising £9,959,571, and £1.85 on behalf of the Somerset Rivers Authority, raising £111,492;
	c.	recommends to Full Council the reprioritisation of £2.5m from the MTFP support fund to Regeneration as detailed in paragraph 43;
		recommends that Full Council approves the additions to the Capital Programme for new capital bids of £1.7395m as shown in Appendix D.
Reason:	To set out the Draft Budget and proposed council tax for 2019/20 to enable Executive to recommend proposals to Full Council for approval. The report is based on the Medium Term Financial Plan (Revenue Budgets for 2019/20 to 2023/24) and also includes proposed additions to the Capital Programme.