Decision details

The Executive Meeting considered its proposed Revenue Budget for 2014/15, Capital Programme for 2014/15 to 2016/17 and Medium Term Financial Plan for 2014/15, taking as their starting point the updated forecasts and indicative spending plans contained in the ‘Medium Term Financial Plan – Financial Landscape and Forecasts 2014/15 to 2016/17’.

The Executive was informed that since publication of the report the Government had published the final settlement for 2014/15 that included around £12,000 of additional Revenue Support Grant for the Council. This required revisions to Appendices 3 and 4 that had been circulated prior to the meeting.

The Executive Meeting then agreed the following:-

(1)   that the amendments to the schedule of Fees and Charges for 2014/15 as set out in Annex One be approved.

(2) that in respect of the Revenue Budget, Capital Programme and Medium Term Financial Plan, the Council Meeting was recommended to:

·      agree the Budget for 2014/15 as described in the report and set out in the revised Appendix Three;

·      note and comment upon the financial forecasts for 2015/16 to 2016/17 (revised Appendix Four of the report), and the key issues to be addressed in formulating a response to the continuing financial challenges facing the Council;

·      pass the appropriate Council Tax resolutions which produce a Council Tax Freeze for Council services as illustrated at Appendix Ten of the report;

·      approve the new capital scheme for the Highways Investment Programme, including the additional prudential borrowing of £22.619m over the three year capital programme and a borrowing requirement of £75.125m over the full eight-year programme, as set out at Appendix Seven of the report, together with the means of contributing to the capital financing charges;

·      approve the virement of the £2m recurrent unsupported borrowing for Invest to Save Footways from Communities & Sustainability Portfolio to Economic Development & Regeneration Portfolio as part of the Highways Investment Programme;

·      approve the additional prudential borrowing of £3.6m in 2014/15 required for the Leisure Strategy to support the new leisure facility at Brinnington;

·      approve the 2014/15 to 2016/17 capital programme and the funding arrangements set out at Appendix Eight of the report;

·      approve the prudential indicators set out in Appendix Nine of the report;

·      approve the work being carried out on the development of capital projects to enable the Executive to be able to review, revise and extend its capital programme during 2014/15; and

·      note the risk assessment of the budget at Appendix Five of the report and the report of the Corporate Director for Corporate and Support Services on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix Six.

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