Agenda item

This report presents the financial strategy for 2015-2020, including detailed revenue budget proposals for 2015/16, and it asks Cabinet to recommend Council approval of the proposals. 

Resolved:   That  Cabinet approve the average rent increase for 2015/16, as shown in table 18 and paragraphs 118 to 119 of the report, as 2.2%. This rent increase will be applied across council dwellings, hostels and Gypsy, Roma and Traveller Community sites. 

Reason:     To ensure the ongoing financial stability of the Housing Revenue Account and allow work on improving the quality of the council’s affordable housing to continue.

[See also Part B minute]

Members considered a report which presented the financial strategy for 2015 to 2020, including detailed revenue budget proposals for 2015/16 for Council approval. Members were informed that the final Local Government Finance Settlement had been announced, following publication of the Cabinet agenda, which provided an additional allocation of £162k the effect of which would be:

·          new growth item of £162k in respect of general contingency

·          increase in grant funding of £162k

·          increase in net revenue expenditure of £162k, from £119.598m to £119.760m.

Details of the amended recommendations, as a result of the additional allocation, had been circulated at the meeting and republished online.

It was noted that the financial strategy delivered a balanced budget for 2015/16 with savings totalling £11.9m and a proposed Council Tax freeze for 2015/16. The total council tax increase including the Parish, Police and Fire Authority precepts, would be agreed at the full Council meeting on 26 February 2015.

Details of the national context and the local issues and challenges were reported with the steps the Council was taking to enable itself, residents and communities to work together to meet their future needs and priorities.

Members referred to the continuing challenges the Council faced  with an increasing demand for services and the need to ensure the budget was both prudent and protected vulnerable people. It was confirmed that priority had been given to funding areas highlighted by resident’s during recent consultation and that staff would be fully engaged during future rewiring projects.

Resolved:   That  Cabinet approve the average rent increase for 2015/16, as shown in table 18 and paragraphs 118 to 119 of the report, as 2.2%. This rent increase will be applied across council dwellings, hostels and Gypsy, Roma and Traveller Community sites.  ^1.

Reason:     To ensure the ongoing financial stability of the Housing Revenue Account and allow work on improving the quality of the council’s affordable housing to continue.