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 agreed the reasons for urgency as set out in the report.

DECISION

1.    To agree a General Fund Revenue Budget of £290.569m together with the Outline Strategic Plan identifying the key priority activities which will be delivered within this budget and which will be further developed into the Council’s Strategic Plan for 2015-2016.

2.    To accept the Council Tax Freeze Grant available from the Department of Communities and Local Government for 2015-2016 and thereby agree to continue to freeze Council Tax (Band D) at £885.52 for the new financial year.

3.    To agree to propose the items listed below for public consultation and consideration by the Overview & Scrutiny Committee in accordance with the Budget and Policy Framework (Section 16). A further report will then be submitted to the next Cabinet meeting in February detailing the results of consultations and inviting the Cabinet to recommend a Budget Requirement and Council Tax for 2015-2016 to Full Council.

4.    To agree to conduct the Budget consultation in line with Section 16 in the body of the report.

5.    To consider and comment on the following matters –

a.    Budget Consultation

The approach to the budget consultation with the community and Overview and Scrutiny Committee.

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

Previously agreed and New 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 and 4.2 of the report.

g.    Capital Programme

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

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.

Action by:

ACTING CORPORATE DIRECTOR, RESOURCES (C. HOLME)

SERVICE HEAD, CORPORATE STRATEGY AND EQUALITY (L. RUSSELL)