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Issue - meetings

Medium Term Financial Strategy 2015-2025 (Feb) - KEY/06JAN15/11

Meeting: 23/02/2015 - Cabinet (Item 6)

6 Budget 2015/16 and Medium Term Financial Strategy (MTFS) 2024-2025* pdf icon PDF 6 MB

Minutes:

Cabinet received a report which formed part of the Council’s formal budget process, as set out within the Constitution and legislative requirements, to set a balanced budget for 2015/16 and medium term financial strategy to 2024/25.

The purpose of the report was to recommend to Council budget proposals for 2015/16 through to 2024/25, in line with the final local government finance settlement for 2015/16 and in advance of some Department for Education specific grants being finalised. The draft Medium Term Financial Strategy (MTFS) had been presented to Cabinet on 19 January and, subject to updated information contained within the report dated 23 February 2015, was the basis for Cabinet to recommend the budget for approval by Council.

The report also provided an update on budget consultation responses received so far, recognising that that the consultation remained open until 2 March and that some meetings with key stakeholder groups were still to take place.

 

Councillor Seaton, Cabinet Member for Resources, introduced the report and highlighted the main points contained within. This included the analysis on the feedback for the Phase 2 proposals and the recommendations for the Phase 2 proposals and Council Tax. There had also been an additional tabled document circulated to Cabinet which detailed further consultation responses received.

 

Councillor Seaton also proposed and advised of the following:

 

·           An allocation of £70k from the risk management contingency to cover and assist with implementation of a staff presence at all times within the larger libraries in the city. This would widen the budget gap in future years;

·           An increase in the capital sum for street cleansing equipment and litter bins of £200k to enable further investment to be made. This would have a modest impact on the revenue budget in the next year;

·           The possible reformation of the Bus Working Group in order to look at the provision of additional bus services, following comments received from the Budget Working Group. No financial commitment to be given to this at the current time;

·           The minimum level of financial contingency to be £500k with the additional proposals outlined above ensuring that the Council remained above that threshold;

·           The business rate for the power station had been resolved for the 2005 valuation, however the 2010 valuation remained outstanding. There was no impact on the budget.

·           The freeze on council tax would continue; and

·           The consultation would remain open until 2 March 2015, and further feedback would be reported to Cabinet and Council.

 

Councillor Serluca, Cabinet Member for City Centre Management Culture and Tourism, provided an overview of the funding issues with regards to the libraries and the services that investment of £45k would enable, including receptionist posts during Open+ hours for the two libraries co-located with schools, Werrington and Orton, in order to support a full range of activities. At Bretton, an additional post to enable all three floors to remain open during Open+ times and at the Central Library a fourth post to meet increasing demand in the largest and busiest library across  ...  view the full minutes text for item 6


Meeting: 09/02/2015 - Joint Meeting of the Scrutiny Committees and Commissions (Item 4)

4 Budget 2015/16 and Medium Term Financial Strategy (MTFS) 2024-2025 pdf icon PDF 58 KB

MEMBERS ARE REMINDED TO BRING THEIR COPY OF THE BUDGET 2015/16 AND  MEDIUM TERM FINANCIAL STRATEGY 2024/25 BUDGET PROPOSALS DOCUMENT FROM CABINET DATED 19 JANUARY 2015 TO THE MEETING IN ADDITION TO THIS AGENDA PACK.