Issue - meetings

Report of the Head of Finance

Presented by the Corporate Portfolio Holder

The Corporate Portfolio Holder introduced the new Interim Director of Resources and asked him to present the report to Members.

The Interim Director of Resources stated that following Cabinet’s approval of the draft budget in December it had been out to consultation and work on the base budget had been completed. He advised Members that the Council had received the final Local Government Financial Settlement and the authority would receive an additional £25,918 in grant funding.

He informed Members that an estimated increase in Business Rates Income and additional New Homes Bonus had contributed to a surplus budget of just under £1.1million. He added that due to the volatility of future expected income it would be prudent to hold higher levels of reserves and that the authority should wait until the business rates were finalised in May before making commitments as to how the surplus budget should be allocated.

Councillor N J Rushton stated that he fully supported money being put into reserves and that the Council was in a good position financially, but added that there were worries over the New Homes Bonus and waste collection rates in the future. He congratulated the Leader in freezing the Council Tax for another year as promised.

Councillor T Gillard stated that he was happy to support the report and he fully concurred with the response from Whitwick Parish Council.

Councillor R Blunt stated that the Council should be run prudently and there were many concerns over funding. He stated that the report showed that the Council was spending money wisely but at the same time supporting the regeneration of Coalville that was one of the administrations main priorities. He added that he was pleased to be able to freeze the Council Tax for another year and that it was the intention to do that for as long as possible.

It was moved by Councillor N J Rushton, seconded by Councillor T Gillard and

RESOLVED THAT:

Cabinet recommends to Council:

A.    That it notes the level of reserves and assurance statement by the Deputy Section 151 Officer in section 7 of the report.

B.    The budgeted surplus income over expenditure in 2016/17 is transferred to the General Fund reserve for further consideration after completion of 2015/16 accounts.

C.   The forecasted surplus income over expenditure in 2015/16 is transferred to the special projects reserve.

D.   The consultation responses detailed in appendix 1 are noted

E.    Approval of the General Fund Revenue Budget for 2016/17 summarised in appendix 2.

F.    Approval of the Special Expenses budget for 2016/17 set out in appendix 3.

G.   That it freezes the District’s Council Tax in 2016/17.

Reason for decision: To enable the Council to set a balanced budget for 2016/17 as required by statute.