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  • Issue - decisions

    Draft 18/19 General Fund and Capital Programme

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    31/10/2017 - Draft 18/19 General Fund and Capital Programme (1-07-11)

    The Cabinet had before it a * report of the Director of Finance, Assets and Resources considering options available in order for the Council to set a balanced budget for 2018/19 and providing a strategy for further budget reductions in 2019/20 onwards.

     

    The Cabinet Member for Finance outlined the contents of the report stating that the initial aggregation of all service budgets (which included assumptions surrounding predictions for interest receipts, contribution to the capital programme, transfers to/from reserves and council tax levels) currently indicated a General Fund budget gap of £617k. Members discussed the following table which showed the main budget variances affecting the 2018/19 draft budget:

     

    Variances

    Amount £k

    External items outside of our control

     

    Reduced formula grant settlement

    318

    Decrease in Housing Benefit Grant and increase in associated costs

    57

    Pay Award and pension increases

    239

    Rural Services Delivery grant

    86

    Transition Grant

    32

    Subtotal

    732

    Other changes

     

    Increase in service cost pressures

    317

    Not utilising New Homes Bonus to balance the budget

    89

    Increase in property sinking funds

    100

    Interest payments on loans for new leisure equipment

    45

    Service cost reductions

    (108)

    New or increased income identified by service managers

    (272)

    Increase in Council Tax income (£5 rise + 370 new properties)

    (212)

    Net recharge to HRA

    (108)

    Minor changes

    34

    Draft budget gap for 2018/19

    617

     

     

    Consideration was given to

     

    ·         Newly purchased properties

    ·         The shortfall in Government funding and the need to increase income

    ·         Options already being considered to address the shortfall.

     

    RESOLVED that the contents of the report be NOTED and that ongoing work to address the budget gap be acknowledged.

     

    (Proposed by Cllr P H D Hare-Scott and seconded by Cllr C R Slade)

     

    Note:  * Report previously circulated, copy attached to minutes.