Issue details

Cabinet received a report as part of the Council’s agreed process for integrated finance and business planning.

The purpose of the report was to recommend to Council budget proposals for 2014/15 through to 2023/24, in line with the final local government finance settlement for 2014/15 and in advance of some Department for Education specific grants being finalised. The Medium Term Financial Strategy (MTFS) was presented during the Cabinet meeting of 3 February and remained the basis for Cabinet to recommend the budget for approval by Council. The report was supplemented with the MTFS and budget consultation and would be refreshed to include the updates contained within the report for submission to Council on 5 March 2014.

The report also provided an update for budget consultation responses received so far, recognising that the consultation remained open until 4 March and that some meetings with key stakeholder groups were still to take place.

Cabinet considered the report and RESOLVED to:

1. Have regard to the consultation feedback received to date and statutory advice detailed in the report when determining the budget recommendations, noting that consultation remains open and further update will be provided at the Cabinet meeting and to the council meeting.
2. Agree that the budget proposals contained in the report to Cabinet on 3 February, updated for items in this report and as amended by the recommendations approved within the ‘Funding Peterborough’s Future Growth report, be approved and recommended to Council on 5 March 2014, those budget  namely:

a)    The revenue budget for 2014/15 and the medium term financial strategy to 2023/24, set in the context of the sustainable community strategy;

b)    The capital programme for 2014/15 to 2023/24,  and associated capital strategy, treasury management strategy and asset management plan;

c)    The council tax freeze in 2014/15 and 2015/16 with indicative increases for planning purposes of 2% for 2016/17 to 2023/24;

d)    The proposals for setting fees and charges for 2014/15

e)    The reserves position including the current budget monitoring forecast;

and that a complete MTFS document will be presented to Council.

3. Note the approved and submitted declaration of the surplus on the Collection Fund with regards to business rates for 2013/14 and the business rates forecast for 2014/15;
4. Approve the discretionary retail relief scheme to businesses and the discretionary reoccupation relief scheme for 2014/15;

5. Have regard for the continuing uncertainty of national public finances, the impact that dwelling and business growth locally will have on future funding arrangements; and
6. Recognise the challenge to close a significant forecast gap of £18m in 2015/16 and also the further gaps in later years.

Cabinet FURTHER RESOLVED to agree, in principle, to keep the Hydrotherapy pool open for a maximum of two years, subject to:

1.  The necessary income and funds being raised to fund the service, including financial support from the NHS; and

2.  The facility not requiring capital investment during that period.