Agenda item - DRAFT GENERAL FUND AND COUNCIL TAX SETTING 2020/21

Agenda item

DRAFT GENERAL FUND AND COUNCIL TAX SETTING 2020/21

To consider the Draft General Fund and Council Tax Setting for 2020/21.

 

Decision:

It was noted that Paragraph 5.5.1 would be amended in the final General Fund report to refer to the Council’s resolution to work towards a target of achieving next zero emissions by 2030 (as opposed to 2050 quoted in the report).

 

The Leader commended officers for the inclusion of Appendix B to the report, which set out the potential General Fund risk areas.  In this regard, she asked officers to arrange an All-Member seminar on Financial Risks, to ensure that Members were fully aware of the challenging General Fund position going forward.

 

It was agreed that Executive and Overview & Scrutiny Committee Members be requested to retain their copies of the appendices to the report for their meetings on 12 February 2012 and 17 February 2012, respectively.

 

The Executive agreed to an additional recommendation amending growth options G20 and G21 relating to the cost of managing the allotments for one year only (£22,000 full year cost) and implementing increased allotment charges from 1 October 2020 and not 1 April 2021, as included in the report.

 

It was RESOLVED:

 

1.         That the 2019/20 revised net expenditure on the General Fund of £9,664,250 be approved.

 

2.         That a draft General Fund Budget for 2020/21 of £9,136,430 be proposed for consultation purposes, with a contribution from balances of £150,401 and a Band D Council Tax of £215.57 (assuming a 2.37% increase).

 

3.         That the updated position on the General Fund Medium Term Financial Strategy (MTFS), as shown at Appendix A to the report, and the Risk Assessments of General Fund Balances, as shown at Appendix B to the report, be approved.

 

4.         That a minimum level of General Fund reserves of £2,920,935, in line with the 2020/21 risk assessment of balances, as shown at Appendix B to the report, be approved.

 

5.         That the contingency sum of £400,000 within which the Executive can approve supplementary estimates, be approved for 2020/21 (unchanged from 2019/20).

 

6.         That the 2020/21 proposed Fees and Charges increase of £117,490 (Appendix D to the report) be noted and included in the draft budget.

 

7.         That the 2020/21 proposed Financial Security Options of £864,644 (Appendix C to the report and including fees and charges detailed in Appendix D) be included in the draft budget for consideration by the Overview & Scrutiny Committee.

 

8.         That the approval of the level of business rates (NNDR1) for 2020/21 be delegated to the Assistant Director (Finance and Estates), following consultation with the Resources Portfolio Holder (Paragraph 4.6.8 of the report refers).

 

9.         That 2020/21 business rate gains totalling £1.105Million above the baseline need be allocated, as set out in Paragraph 4.6.7 of the report.

 

10.      That the 2020/21 Council Tax Support scheme be approved, as set out in Section 4.8 to the report.

 

11.      That New Homes Bonus of £30,000 be transferred to the reserve to fund future potential shortfalls in funding (Paragraph 4.4.4 of the report refers).

 

12.      That the revised Financial Security targets for the General Fund, as set out in Paragraphs 4.11.1 - 4.11.2 of the report, be approved.

 

13.      That growth options G20 and G21 relating to the cost of managing the allotments for one year only (£22,000 full year cost) be amended, in order to implement increased allotment charges from 1 October 2020 and not 1 April 2021, as included in the report.

 

14.      That the decisions taken on Resolutions 1 – 13 above be referred to the Overview and Scrutiny Committee for consideration, in accordance with the Budget and Policy Framework Rules in the Council’s Constitution.

 

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.

Supporting documents: