Decision details

Medium Term Financial Strategy (Cabinet, 9 February 2012)

Decision Maker: Finance and Staffing Portfolio Holder's Meeting, Scrutiny and Overview Committee, Cabinet, Council

Decision status: Recommendations approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To consider the Revenue Estimates up to the year 2012/13 and the Capital Programme up to the year 2014/15.

Decision:

Council RESOLVED:

(a)          that the capital programme and the associated funding up to the year ending 31st March 2017 be approved as submitted;

(b)          that the revised revenue estimates for the year 2011/12 and the revenue estimates for 2012/13 be approved as submitted in the General Fund summary;

(c)          that the council tax requirement for 2012/13 be £7,019,160;

(d)          that the Council set the amount of Council Tax for each of the relevant categories of dwelling in accordance with Section 30(2) of the Local Government Finance Act 1992 on the basis of a District Council Tax for general expenses on a Band D property of £115.46 plus the relevant amounts required by the precepts of Parish Councils, Cambridgeshire County Council and the Cambridgeshire Police and Fire Authorities, details of those precepts and their effect to be circulated with the formal resolution required at the Council meeting;

(e)          that the medium term financial strategy for the General Fund be approved based on the assumptions set out in the report to Cabinet on 9 February 2012;

(f)           that the precautionary items for the General Fund be approved;

(g)          that Executive Management Team be instructed to identify further savings of £200,000 in 2012/13 and of £470,000 in subsequent years;

(h)          that the Housing Revenue Account estimates and the rent increase for the financial year ending 31 March 2013 be approved, the rent increase being in accordance with rent restructuring guidance from the Department for Communities and Local Government;

(i)            that the service and other charges for housing services for the financial year ending 31 March 2013 be approved;

(j)            that the Housing Revenue Account business plan for the next 30 years to 31 March 2042 be approved;

(k)          that the borrowing and investment strategy for the year to 31 March 2012 (revised) and for the year to 31 March 2013 be approved. This includes the proposed long term borrowing of around £205 million with regard to Housing Revenue Account Self Financing to be raised from the Public Works Loan Board and explicit approval is requested for this transaction;

(l)            that the prudential indicators required by the Prudential Code for Capital Finance in Local Authorities for the year to 31 March 2013 be approved; and

(m)         to request the Housing Portfolio Holder to investigate ways to maintain the level of support offered to sheltered housing tenants in warden schemes, this review to commence in summer 2012.

 

FURTHER TO RECOMMENDATION (c) ABOVE, COUNCIL RESOLVED TO AGREE THE FOLLOWING STATUTORY RESOLUTION IN RESPECT OF THE COUNCIL TAX FOR 2012/13:

That the following amounts be now calculated by the Council for the year 2012/13 in accordance with Sections 31 to 36 of the Local Government Finance Act 1992:

 

(a)

£87,103,068

being the aggregate of the amounts which the Council estimates for the items set out in Section 31A (2) (a) to (f) of the Act (gross expenditure including parish precepts, the Housing Revenue Account and additions to reserves)

(b)

£76,044,760

being the aggregate of the amounts which the Council estimates for the items set out in Section 31A (3) (a) to (d) of the Act (gross income including the Housing Revenue Account and use of reserves)

(c)

£11,058,308

being the amount by which the aggregate at (a) above exceeds the aggregate at (b) above, calculated by the Council, in accordance with Section 31A (4) of the Act, as its council tax requirement for the year (net expenditure to be met from council tax) being the district amount of £7,019,160 and the parish precepts of £4,039,148

(d)

£181.90

being the amount calculated by the Council, in accordance with Section 31B of the Act, as the basic amount of its council tax for the year (average council tax for a band D property for the District including parishes)

(e)

£4,039,148

being the aggregate amount of all special items referred to in Section 34(1) of the Act (parish precepts)

(f)

£115.46

being the amount calculated by the Council, in accordance with Section 34(2) of the Act, as the basic amount of its council tax for the year for dwellings in those parts of its area to which no special item relates (average council tax for a Band D property for the District excluding parishes), the amounts being for each of the categories of dwellings shown below in Table 1

(g)

In accordance with Section 34(3) of the Act, the basic amounts of council tax for the year for dwellings in those parts of its area to which a special item relates are shown by adding the amounts for band D for the District Council in Table 1 and Appendix A

(h)

In accordance with Section 36(1) of the Act, the amounts to be taken into account for the year in respect of categories of dwellings listed in different valuation bands are shown by adding the amounts for each band in Table 1 and Appendix A.

 

That it be noted that for the year 2012-13 Cambridgeshire County Council and Cambridgeshire Police Authority and Cambridgeshire and Peterborough Fire Authorities have stated the following amounts in precepts issued to the Council, in accordance with Section 40 of the Local Government Finance Act 1992, for each of the categories of dwellings as shown in Table 1:

 

 

 Table 1

 

Band

A

£

Band

B

£

Band

C

£

Band

D

£

Band

E

£

Band

F

£

Band

G

£

Band

H

£

County Council

719.10

838.95

958.80

1,078.65

1,318.35

1,558.05

1,797.75

2,157.30

Police Authority

116.34

135.73

155.12

174.51

213.29

252.07

290.85

349.02

District Council

76.97

89.80

102.63

115.46

141.12

166.78

192.43

230.92

Fire Authority

39.54

46.13

52.72

59.31

72.49

85.67

98.85

118.62

 

and

 

(i)

That the Council, in accordance with Section 30(2) of the Local Government Finance Act 1992, hereby sets the amounts set out in Appendix B as the amounts of council tax for the year 2012-13 for each of the categories of dwellings shown in Appendix B.

 

SUPPORTING INFORMATION IN RESPECT OF SETTING THE COUNCIL TAX

 

Including the precepts from the County Council, the Police and Fire Authorities and all of the parishes, the formal Council Resolution would produce a council tax for a band D property of:

 

£   p

%

District Council

General Expenses

115.46

0.00%

 

Special Expenses for Parish Precepts (average)

66.44

+1.56%

County Council

 

1,078.65

+2.95%

Police Authority

 

174.51

+2.92%

Fire Authority

 

59.31

+2.49%

Total

 

1,494.37

+2.63%

 

On these figures the council tax would range from £951.95 for Band A to £3,077.68 for Band H before any discounts or benefits.

 

Appendix C shows the General Fund summary including Parish precepts and the final Formula Grant figure.

Publication date: 24/02/2012

Date of decision: 23/02/2012

Decided at meeting: 23/02/2012 - Council

Accompanying Documents: