Agenda item

Report of COP Lead Specialist Finance

(HC 47)

The Chairman presented a report that set out the budget proposals for both the revenue budget and capital programme for 2016/17.

The Chairman and the s151 Officer responded to questions and Members had a brief debate on how best to ring fence the predicted budget surplus for maximum gain but at the same time debating whether the funds were needed to support any budget deficit in future years.

It was then RESOLVED that Council be RECOMMENDED:

(i)         To increase Council Tax by 1.99%  

(which equates to a Band D council tax of £212.53 for 2016/17, an increase of £4.14 per year or  8 pence per week). This equates to a Council Tax requirement of £4,193,941 (as shown in Appendix B1))

(ii)        That the financial pressures as illustrated in Appendix A of the presented agenda report of £836,000 be accepted 

(iii)       That the proposed savings of £845,000 as set out in Appendix A of the presented agenda report be adopted

(iv)       That the Collection Fund surplus of £280,000 be agreed

(v)        That £1,000,000 of New Homes Bonus funding be used to balance the 2016-17 Revenue Budget. 

(vi)       That the Budget Surplus of £304,678 be ringfenced for future income generation opportunities and held in an Earmarked Reserve for that purpose, in accordance with Minute HC 29 (paragraph 1.10 of the presented agenda report refers)

(vii)      That the Total Net Expenditure of the Council for 2016/17 be £7,253,325 (Appendix B1 and B2 of the presented agenda report refer)

(viii)     That the 2016/17 Capital Programme projects totalling £651,000 be approved as set out at paragraph 8.1 of the presented agenda report

(ix)       That the 2016/17 Capital Programme of £651,000 be financed by using £412,000 of New Homes Bonus funding and £239,000 of Better Care Funding (as set out at paragraph 8.1 of the presented agenda report)

(x)        That the Council transfers £24,136 of its allocation of New Homes Bonus for 2016/17 to an Earmarked Reserve called ‘Community Investment Fund – Dartmoor National Park’, to be applied for and drawn down by Dartmoor National Park as required. This amount is a one-off payment and the position will be considered annually by the Council as part of the budget process. The condition is that this is for use within the boundaries of the Borough Council only.

(xi)       That the Council Tax Support Grant of £77,509 be passed onto Town and Parish Councils for 2016/17. (This is a reduction of 11.2% from 2015/16) as per Appendix D of the presented agenda report

(xii)      That the minimum level of the Unearmarked Revenue Reserves be maintained at £750,000 as per Section 9 of the presented agenda report

(xiii)     That the level of reserves as set out within the presented agenda  report and the assessment of their adequacy and the robustness of budget estimates be noted. This is a requirement of Part 2 of the Local Government Act 2003.