Decision details

This report reviews the Council’s finance strategy and makes recommendations regarding the capital programme, the revised revenue budget for 2014/15 and the revenue budget for 2015/6.

On 1 December 2014, the Executive considered the Council's capital programme, revised service budget for 2014/15 and proposed service budgets for 2015/16.

Capital Programme and Resources 2014/15 to 2018/19

The capital programme amounts to £33,176,000, and there are capital resources totalling £34,774,000 over the programme period.  Whilst a surplus of capital resources exists, there are likely to be emerging spending requirements that require new resources to be accumulated now so that the Council can meet its future commitments.

Revised General Fund Revenue Budget 2014/15

The revised general fund revenue budget for 2014/15 amounts to £12,958,700 for service budgets with other budgets totalling £-3,442,600 giving an overall position of £9,516,100.

General Fund Revenue Budget 2015/16

The proposed general fund budget for 2015/16 totals £11,773,100 for service budgets along with £-2,652,900 for other budgets giving an overall position of £9,120,200 which is a reduction of £395,900 against the original budget for 2014/15.

RESOLVED that the Executive agrees:

(a)   that the capital programme for the period 2014/15 - 2018/19, amounting to £33,176,000 be approved;

(b)   that the revised 2014/15 general fund budget, amounting to £9,516,100  be approved;

(c)    that the base 2015/16 general fund revenue budget amounting to £9,120,200 be approved; and

(d)   that the use of the surplus on the spending reserve as set out in paragraphs 30-32 be approved.