Cabinet received a report as part of the Council’s formal budget process 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 for Cabinet to commence the second and formal process to set a balanced budget for 2015/16 and medium term financial strategy to 2024/25 in line with the provisional local government finance settlement for 2015/16.
Following Council approval of phase one budget proposals at the meeting of 17 December 2014. The report set out phase two budget proposals for consultation to enable Cabinet at its meeting on 23 February to make recommendations to be made to the meeting of Council on 4 March 2015.
Cabinet considered the report and RESOLVED:
a. is set in the context of the council priorities;
b. takes note of the budget monitoring position for 2014/15;
c. presents the draft revenue budget for 2015/16 and proposed cash limits for 2016/17 to 2024/25 (including the investment and saving proposals);
d. presents the draft capital programme for 2015/16 and proposed cash limits to 2024/25 and associated capital strategy, treasury strategy and asset management plan;
e. proposes a council tax freeze in 2015/16 with indicative increases for planning purposes of two per cent for 2016/17 to 2024/25;
f. education funding is spent at the level of funding resources available to both schools and the council in 2015/16 and future estimates to 2024/25;
g. the budget for 2015/16 is supported adequately with reserves, provisions and robust budget estimates set in the context of the risks outlined in the report; and
h. presents the draft fees and charges for 2015/16.
4. To note that government grants will not be confirmed until the final settlement is released in February 2015.
Decision type: Key
Reason Key: Significantly affecting two or more electoral wards;
Decision status: Recommendations Approved
Notice of proposed decision first published: 12/12/2014
Decision due: 19 Jan 2015 by Cabinet
Lead member: Cabinet Member for Resources
Lead director: Corporate Director Resources
Relevant internal and external stakeholders.
Relevant Scrutiny Committee: Sustainable Growth and Environment Capital
Meeting Open to Public: n/a