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Issue - meetings
Revenue Budget 2018/19 Revised and 2019/20, plus Capital programme 2019/20 - 2021/22
Meeting: 11/02/2019 - Cabinet (Item 153)
153 Revenue Budget 2018/19 Revised and 2019/20, plus Capital programme 2019/20 - 2021/22 PDF 969 KB
Additional documents:
- Appendix A (continued), item 153 PDF 70 KB
- Appendix M (cont), item 153 PDF 51 KB
- Updated Budget Report 2019-20 - Cabinet 11 February 2019 post cabinet version, item 153 PDF 959 KB
Minutes:
Revenue Budget 2018/19 Revised and 2019/20, plus Capital
programme 2019/20 - 2021/22
The Assistant Director - Financial Services & Revenues (Chief Finance Officer) presented a report:
To present the revised revenue budget for 2018/19 and a budget for 2019/20. The revised budget for 2018/19 takes account of the known variations to expenditure and income streams that have occurred since setting the budget in February 2018.
Mr Grace explained that in setting the budget for 2019/20, recognition has to be taken of the ongoing reductions in external funding for the years ahead. The report identifies that a balanced budget can be achieved in 2019/20 although this involves using £1.75m of reserves. The forecast deficit for 2020/21 is some £2.44m, in 2021/22 it is estimated at £1.79m, and in 2022/23 it is estimated at £1.9m. The alignment of the Council's available resources to its priorities requires the achievement of additional income streams and the continuing review and reduction of services during the next 12 months in order to achieve balanced and sustainable budgets in the years beyond. The levels of reductions required and the near absence of Transition Reserves in future years provide an enormous challenge.
The Full Council meeting on the 20 February 2019 is responsible for setting a balanced budget and determining the Council Tax. If the recommendations in the report are approved by Council there will be an increase in the Borough’s part of the Council Tax in 2019/20 of some 2.99%.
The final grant settlement figures from government have now been received and match the figures in the consultation document (save for Discretionary Housing Payments). The figures for Disabled Facility Grants are not expected until well into 2019/20. Once final figures are received adjustments will be made to the figures detailed in this report.
The Chief Finance Officer outlined the key challenges identified in the report and the key risks facing the Council in addressingthe deficit in 2019/20 and the years ahead. He also advised that the budget figures could change if the Council Tax Reduction scheme being considered by Council on the 13 February 2019 was altered.He further advised that the Fire Authority had not yet determined their precept requirements and as such the overall Council Tax requirements would result in revised figures being presented to full Council on the 20 February i.e. a revised Appendix M to the budget report.
Cllr Chowney moved the motion (apart from 15 due to prejudicial interest). Councillor Batsford seconded.
RESOLVED (5 for 2 against) that:
Cabinet recommends that full Council:-
1. Approve the revised revenue budget for 2018/19 (Appendix A).
2. Approve the draft 2019/20 revenue budget (Appendix A)
3. Approve a 2.99% (rounded up) increase in the Borough Council's part of the Council Tax.
4. Agree that the absolute minimum level of reserves that shall be retained be £6m (plus General Fund Balance).
5. Approve the Capital Programme 2018/19 (revised) to 2021/22 (Appendix P).
6. Approve the proposed expenditure from the Renewal and Repairs Reserve, and Information Technology ... view the full minutes text for item 153
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