Extract of Cabinet Minutes 23rd February 2005

REPORT OF THE DIRECTOR OF LEGAL

AND ADMINISTRATIVE SERVICES

SPECIAL MEETING OF THE CITY COUNCIL

4TH MARCH, 2005

At its meeting on 23rd February, 2005, the Cabinet considered (a) a joint report of the Chief Executive and the Director of Finance relating to the Revenue Budget, 2005/2006, and (b) a report of the Director of Finance, outlining the overall Capital requirements for 2005/2006.

In accordance with the list of matters which are statutorily reserved for Council, as approved by the Council at its meeting on 5th April, 2000, the decision of the Cabinet, as set out below, was referred to the City Council for consideration:-

REVENUE BUDGET AND CAPITAL PROGRAMME 2005/2006

Consideration was given to :-

(a) a joint report of the Chief Executive and the Director of Finance, setting out details of (i) the latest position in relation to the 2004/2005 Revenue Budget, (ii) the City Council’s revenue expenditure plans and requirements for 2005/2006, including the position on reserves and balances (iii) levies and precepts made on the City Council by other Authorities, and (iv) the development of the City Council’s Financial and Service Strategy, including the outlook for 2006/2007 and beyond. It was stated that the report built on the previous report to Cabinet of 26th January and Council on 2nd February, 2005, which informed Members of the outcome of the provisional Government Grant Settlement for 2005/2006 and the consequent impact on the Council’s Budget projections; and

(b) a report of the Director of Finance, outlining (i) the latest position on the 2004/2005 Capital Programme, (ii) details of the 2005/2006 Capital Settlement, (iii) details of the 2005/2006 General Capital Programme (excluding Housing, which was the subject of a separate report to Cabinet on 26th January and Council on 2nd February, 2005, but which was included in summary terms for completeness), and (iv) other identified Capital priorities likely to be brought forward in the near future.

RESOLVED: That:-

(i) this Council, after noting the joint report of the Chief Executive and the Director of Finance on the Revenue Budget 2005/2006, approves and adopts a net Revenue Budget for 2005/2006 amounting to £637.298m (excluding Parish and Town Council Precepts) and the Directorate cash allocations and other items for 2005/2006 as set out in Appendix 7 of the report on the Revenue Budget as follows:-

		£’000
Directorates

Education		270,117
Social Services		149,821
Development, Environment & Leisure		105,953
Neighbourhoods		13,275
Chief Executive’s		34,773
		573,939

Capital Financing Costs		67,128
		641,067

Corporate Items
Financing Measures		-1,500
Other Adjustments		-2,269

Revenue Budget for 2005/06		637,298

To be funded by:
RSG		300,755
NNDR Pool Receipts		170,789
Collection Fund		842
		472,386

To be met from Council Tax		164,912

		637,298

Council Tax

Council Tax Base for 2005/06		147,969.67

Council Tax Band D for 2005/06		1,114.50

Council Tax Band A for 2005/06		743.00

Increase over 2004/05 (Band D £1,063.96)		4.75%

(ii) this Council:

(a) approves an increase of 4.75% in the Council Tax for City Council services;

(b) approves the Revenue Budget allocations and Budget Implementation Plans for each of the Services as set out in Appendix 7 of the Revenue Budget report;

(d) approves the risk-based reserves strategy as set out in

Appendix 6 of the Revenue Budget report;

(e) notes the information provided at paragraphs 18 to 21 of the Revenue Budget report and in Appendix 6 of the report, on the robustness of the estimates and on the adequacy of reserves;

(f) notes that the corporate and directorate risks detailed in Appendix 8 of the report will, again, continue to be kept under regular review by the Financial and Service Strategy Group, chaired by the Chief Executive, and to be the subject of further

reports at the appropriate time;

(g) approves the Treasury Management and Annual Investment Strategies set out in Appendix 9 of the report;

(h) adopts the prudential indicators and limits as set out in Appendix 10 of the report;

(i) grants delegated authority to the Director of Finance to undertake Treasury Management activity pursuant to the Codes of Practice, to create and amend appropriate Treasury Management Practice Statements and to report on the operation of Treasury Management activity on the terms set out in these documents;

(j) notes that the following issues will be the subject of further reports:

· the 2004/05 out-turn position and its impact on reserves;

· monitoring the 2005/06 budget position during the year; and

· preparation of the Budget for 2006/07 and the continued development of the City Council's Financial and Service Strategy;

(k) notes that, based on the estimated expenditure level of £637.298m set out in Appendix 7 to the Revenue Budget report, the amounts shown in part B of Appendix 11 of the report would be calculated by the City Council for the year 2005/2006, in accordance with sections 32 to 36 of the Local Government Finance Act 1992;

(l) notes that information on the precepts issued by the South Yorkshire Fire and Civil Defence Authority and the South Yorkshire Police Authority, together with the impact of these on the overall amount of Council Tax to be charged in the City Council's area, will be provided in time for the meeting of the City Council on 4th March; and

(m) after noting the report of the Director of Finance on the Capital Programme 2005/2006, including the amendments reported at the Cabinet meeting, approves the revised position on the Capital Programme as summarised at Appendix 1 of the report as amended.

(NOTE: 1. This item is referred for consideration by the City Council and cannot therefore be called-in for scrutiny.

2. The reports on the Revenue Budget 2005/2006 and the Capital

Programme 2005/2006 are circulated to all Council Members with

the Council Summons.)

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