To set out the issues bearing on financial planning for the authority over the next three years and to agree an approach to delivering a medium term sustainable financial position over that period, bearing in mind the risks and unknowns. In addition, to agree a draft budget for 2015/16 to be put forward for Full Council Consideration.

The Mayor noted the updated papers circulated after the original agenda was published. The Mayor agreed an amendment proposed by Councillor Ohid Ahmed in relation to funding police officers and one to allow for any impact from the decision on the Multi-Faith Burial Ground report later on the agenda.

DECISION

1.    Agree a General Fund Revenue Budget of £291.270m and a Council tax (Band D) at £885.52 for 2015-2016 be referred to Full Council for consideration.

2.    Consider and comment on the following matters –

a.    Budget Consultation

The results of the feedback for the budget consultation are being collated but will not be completed prior to the publication of this report as the second roadshow has been scheduled for the 5th February 2015. The results will be presented at the Full Council Meeting in February.

b.    Funding

The funding available for 2015-2016 and the indications and forecasts for future years set out in Section 8.

c.    Base Budget 2015-2016

The Base Budget for 2015-2016 as £293.933m as detailed in Appendix 1.

d.    Growth and Inflation

The risks identified from potential inflation and committed growth arising in 2015-2016 and future years and as set out in Section 9 and in Appendix 3.

e.   General Fund Revenue Budget and Medium Term Financial Plan 2015-2016 to 2017-2018

The initial budget proposal and Council Tax for 2015-2016 together with the Medium Term Financial Plan set out in Appendix 1 and the budget reductions arising.

f.     Savings

Savings items to be included in the budget for 2015-2016 and the strategic approach for future savings to be delivered are set out in Section 10, Appendix 4.1 of the report.

g.    Capital Programme

The capital programme to 2017-2018; including proposed revisions to the current programme as set out in section 14 and detailed in Appendices 8.1, 8.2 & 8.3.

Adopt an increased capital estimate of £8.632m in respect of the Building Schools for the Future programme, bringing the total scheme budget to £328.333m (see paragraph 14.9 to 14.13 of the report). This will ensure that all specific BSF resources are fully included within the capital programme.

h.    Dedicated Schools Grant

The position with regard to Dedicated Schools Grant as set out in Section 12 and Appendices 6.1 & 6.2.

i.      Housing Revenue Account

The position with regard to the Housing Revenue Account as set out in Section 13 and Appendix 7.

j.     Financial Risks: Reserves and Contingencies

Advise on strategic budget risks and opportunities as set out in Section 11 and Appendices 5.1, 5.2 and 5.3.

k.   Reserves and Balances

The position in relation to reserves as set out in the report and further detailed in Appendices 5.1 and 5.3

l.      Mayor’s Priorities

Initiatives proposed by the Mayor are set out in Section 9.9 to 9.14.

3.    To adjust the budget proposals to allocate the savings made through the deletion of the Chief Executive’s Salary budget to provide funding for additional police officers.

4.    To agree to the above recommendations subject to any alterations necessary following the consideration of Agenda Item 16.1 (Multi-Faith Burial Ground)

Action by:

ACTING CORPORATE DIRECTOR, RESOURCES (C. HOLME)