Issue - meetings

Report of the Chief Executive

Presented by the Corporate Portfolio Holder

The Corporate Portfolio Holder presented the report to members, seeking approval of the General Fund and Special Expenses budgets for 2018/19, the freeze in Council Tax and the creation of a new self-sufficiency reserve using £900,000 of existing reserves and the projected surplus for 2017/18.  He referred to the consultation which had taken place following the Cabinet meeting in December and the comments made by Policy Development Group which were attached at Appendix D.

The Corporate Portfolio Holder advised that draft General Fund Budget for 2018/19 showed a projected surplus of £299,000 and the budget for business rates had increased significantly from the budgeted position for 2017/18, with the budget for next year standing at £4.9 million compared to £3.85 million currently, which reflected the massive amount of growth in the district.

The Corporate Portfolio Holder explained that both Council Tax and business rates estimates now included anticipated growth in the district for the budget year, meaning that income over and above the budgeted for position for ourselves and our major precept authorities was received during the year rather than in arrears through the collection fund.  This was particularly good news for parish and town councils who would receive Council Tax for new homes for their areas in-year.  He advised that in line with Cabinet’s decision in January 2017, the Local Council Tax Support Scheme had continued in 2017/18, and town councils would see a phased income reduction of 25% from 2018/19.  The draft Special Expenses budget showed a projected surplus of £5,000 for 2018/19 that would be contributed to reserves.  

The Corporate Portfolio Holder highlighted that there would be no increase in Council Tax for the ninth year.

It was moved by Councillor N J Rushton, seconded by Councillor A V Smith and

RESOLVED THAT:

Cabinet recommends to Council:

a)    The assurance statement by the Deputy Section 151 officer be noted

b)    The General Fund Revenue Budget for 2018/19 summarised in Appendix B be approved

c)    The Special Expenses Revenue Budget for 2018/19 as summarised in Appendix C be approved

d)    The district’s Council Tax be frozen in 2018/19

e)    £900,000 of General Fund reserves be used to create a new self-sufficiency reserve and the forecasted surplus income over expenditure in 2017/18 be also transferred to the self-sufficiency reserve

f)     The budgeted surplus income over expenditure in 2018/19 be transferred to the self-sufficiency reserve

Reason for decision: To enable the Council to set a balanced budget for 2018/19 as required by statute.