Agenda item

2018/19 Draft Revenue and Capital Budgets and Medium Term Financial Plan

Meeting of District Executive, Thursday 1st February 2018 9.30 am (Item 113.)

Decision:

RESOLVED:	That District Executive recommend that Full Council agree to:-
	a.	approve the Net Revenue Budget for 2018/19 of £16.483m, as set out in the Revenue Account Summary (paragraph 23) and in detail in Appendix A for the District Executive and four Area Committees, subject to any final amendments;
	b.	a 2018/19 Council tax increase of £5, increasing the annual Band D basic rate by 3.18% to £162.48. This comprises £160.63 for SSDC, raising £9,746,896, and £1.85 on behalf of the Somerset Rivers Authority, raising £110,978 to transfer to Somerset Rivers Authority;
	c.	approve the transfer of £468k from earmarked reserve balances to assist with the shortfall on the Transformation budget, as detailed in paragraph 50, and note the remaining balances;
	d.	approve the additions to the Capital Programme for new capital bids of £1.987m as shown in Appendix E;
	e.	note the Minimum Revenue Provision (MRP) Statement and Capital Prudential Indicators as attached at Appendix H.
Reason:	To recommendthe Draft Budget and proposed council tax for 2018/19 to Full Council for approval.

Minutes:

The Portfolio Holder for Finance and Legal Services introduced the report and advised that a number of the key trends had been translated into pictures and the report contained some sensitivity testing to demonstrate the impact of an extra percentage on the budget. He noted that SSDC had experienced the most severe budget cut in England but despite this, a balanced budget was being proposed and services protected, due in part to officers work, Transformation and income generation. The recommended Council Tax increase was £5 for the year.

The Section 151 Officer confirmed that he was satisfied the proposed budget was reasonable and robust and the reserves were adequate. He noted that although a negative Rate Support Grant was proposed in the 2019/20 financial year, the Government were committed to consulting on this during 2018.

In response to questions from Members, the Section 151 Officer confirmed that:-

· The proposed Council Tax increase was £5 and the Somerset Rivers Authority funding of £1.85 was included within this.

· The calculation for New Homes Bonus funding had changed the previous year and this was now reflected in the Medium Term Financial Plan. SSDC’s reliance on this funding would be reduced in the future.

· He would clarify the incremental changes and absolute amounts in the report presented to Full Council.

At the conclusion of the debate, Members voted on each recommendation and unanimously agreed to confirm the Draft Budget and proposed council tax for 2018/19 to Full Council for approval.

RESOLVED:	That District Executive recommend that Full Council agree to:-
	a.	approve the Net Revenue Budget for 2018/19 of £16.483m, as set out in the Revenue Account Summary (paragraph 23) and in detail in Appendix A for the District Executive and four Area Committees, subject to any final amendments;
	b.	a 2018/19 Council tax increase of £5, increasing the annual Band D basic rate by 3.18% to £162.48. This comprises £160.63 for SSDC, raising £9,746,896, and £1.85 on behalf of the Somerset Rivers Authority, raising £110,978 to transfer to Somerset Rivers Authority;
	c.	approve the transfer of £468k from earmarked reserve balances to assist with the shortfall on the Transformation budget, as detailed in paragraph 50, and note the remaining balances;
	d.	approve the additions to the Capital Programme for new capital bids of £1.987m as shown in Appendix E;
	e.	note the Minimum Revenue Provision (MRP) Statement and Capital Prudential Indicators as attached at Appendix H.
Reason:	To recommendthe Draft Budget and proposed council tax for 2018/19 to Full Council for approval.

(Voting: unanimous in favour)

Supporting documents:

Agenda item

2018/19 Draft Revenue and Capital Budgets and Medium Term Financial Plan

Council and Democracy