100 Budget Update (1-08-30) PDF 215 KB
To receive an update on the budget from the Director of Finance, Assets and Resources requesting the Cabinet to review the revised draft budget changes identified and discuss any further changes required in order for the Council to move towards a balanced budget for 2018/19.
Additional documents:
Minutes:
The Cabinet had before it an *update on the budget from the Director of Finance, Assets and Resources setting out the revised draft budget changes identified.
The Cabinet Member for Finance outlined the contents of the report stating that following initial meetings of the Cabinet and the Policy Development Groups, the Finance team and service managers had been revisiting a range of budgets to deliver more savings or increase income levels. Members discussed the following table which showed the main budget variances affecting the 2018/19 budget:
Variances |
Amount £k |
|
|
18/19 Budget Shortfall (Cabinet Report 26/10/17) |
617 |
|
|
Further Cost Pressures identified |
570 |
Additional savings identified |
(231) |
|
|
18/19 Revised Budget Shortfall |
956 |
|
|
2% Staff Pay award offer (1% previously built in) |
116 |
Business Rate 100% Pilot bid accepted (1 year only) |
(230) |
Business Rate Growth (Solar & Benefit of Devon Pool) |
(150) |
Funding from sinking funds & reserves (ICT & Leisure) |
(215) |
Other additional savings identified |
(174) |
|
|
18/19 Revised Budget Shortfall |
303 |
|
|
No reduction in Rural Services Delivery Grant |
(86) |
3% increase in C/Tax (2.6% previously built in) |
(22) |
|
|
Draft budget gap for 2018/19 |
195 |
He highlighted the provisional formula grant ward for 2018/19 which amounted to £2.7m and the fact that the Council had also been given the freedom to raise its council tax by an additional 0.4%
Consideration was given to the business rate growth (Solar and Benefit of the Devon pool).
RESOLVED the updated General Fund budget proposals for 2018/19 be AGREED.
(Proposed by Cllr P H D Hare-Scott and seconded by Cllr C R Slade)
Note: *Update previously circulated, copy attached to minutes.