Agenda item

The Deputy Leader and Cabinet Member for Finance and Housing submitted a report that provided Cabinet with details of the Capital Programme for 2016/17 to 2018/19 (Section A) and the Revenue Budget for 2016/17 (Section B) and outlined the Council’s strategy for tackling the financial challenges ahead. 

Section A of the report set out the draft Capital Programme and a forecast of the available resources.  In view of what continues to be a very difficult revenue budget situation it was recommended that the Programme be limited to those schemes that are fully funded from external sources.   

Section B of the report addressed the revenue budget and outlined;

·         The final Local Government Finance Settlement for 2016/17

·         Forecast outturn for 2015/16

·         The budget strategy for 2016/17 and the approach to balancing the budget. 

The report examined the robustness of the assumptions behind the budget forecast and contained an assessment of the adequacy of the Council’s balances. 

Members’ attention was drawn particularly to the fact that despite the extremely challenging Local Government Finance Settlement and the resultant savings target, the proposed budget places no long term reliance on one-off savings options.

Thanks were given to the Bury residents who had responded during the budget consultation process.

Delegated decisions:

1.   That the report be noted.

2.   That the Council be requested to consider and determine all matters relating to the Budget, the Capital Programme and the level of the Council Tax for 2016/2017 at its meeting on 24th February 2016.

Recommendations to Council:

Section A – Capital Programme

1.   That approval be given to the Capital Programme for 2016/17 and future years, as detailed in Appendix 1 of the report.

2. That approval be given to the proposed financing of the Capital Programme.

Section B – Revenue Budget

3.   That the details of the Settlement Funding Allocation (SFA) for 2016/17 be noted.

4.   That the recently approved level of repayment of principal on General Fund debt at the minimum of 2% in line with the current Minimum Revenue Provision policy be noted;

5.   That it be noted that under delegated powers the Interim Executive Director of Resources & Regulation has calculated the amount of 51,900 as the Council Tax base for the year 2016/17 in accordance with the Local Government Act 2003 and with regulations made under Section 33(5) of the Local Government Finance Act 1992 and the Local Authority (Calculation of Council Tax Base) (England) Regulations 2012.

6.   That the forecast outturn position for 2015/16 be noted.

7.   That approval be given to the actual minimum level of balances for 2016/17 being reduced to £4,250,000 in view of the Council’s risk profile.

8.   That approval be given to amend or reject the draft Revenue Budget for 2016/17 as detailed in the report.

9.   That approval be given to the programme of cuts set out in Appendix 5 of the report.

10.                                That the recommendations of the Schools’ Forum around education funding issues be noted.

11.                                That the statements by the Interim Executive Director of Resources & Regulation on the robustness of budget assumptions and on the minimum level of balances be endorsed.

12.               That Council determine the level of the Council Tax for 2016/17.

13.       That Council accept the 4 year indicative Settlement figures released by the Government; which requires the preparation of an Annual Efficiency Plan.