| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| CB 07/028 |
Setting the Budget for 2007/08 |
Consideration was given to the joint report of the Director of Finance and Chief Executive updating the Cabinet on issues relating to the setting of the Revenue Budget and Capital Plan for 2007/08. Reference was made to the outcome of examination of the Draft Estimates and the Capital Plan Review process undertaken by the Finance and Property Advisory Board and the Policy and Best Value Committee. Details were given of a number of changes which had emerged since preparation of the Draft Revenue Estimates booklet. A more detailed supplementary report prepared in liaison with the Leader and the Cabinet Member for Resources and Capital Projects was circulated in advance of the meeting. This updated the position on issues relating to the Medium Term Financial Strategy and the final Revenue Support Grant Settlement which was the same as the provisional settlement announced in November 2006. It was noted that a letter of representation about the settlement had been sent to the Department for Communities and Local Government, a response to which was still awaited. The Director of Finance advised the Cabinet of the implications of a 28% increase in the levy notified by one of the Internal Drainage Boards. The Leader suggested that this matter be included in the letter to be sent to the Government by the three Group Leaders. Members were advised that having regard to the overall funding package, all the recommended List B schemes could be transferred to List A of the Capital Plan. The report then referred to the remaining procedures to be followed in setting the budget for 2007/08 and calculating the Council Tax requirement. Reference was made to consultation with non-domestic rate-payers, payments made to parish councils under the Scheme of Financial Arrangements together with details of parish precepts notified and the setting of prudential indicators. Consideration was given to the updated Medium Term Financial Strategy for the period 2007/08 to 2012/13 having regard to the budget, the Government's stance on capping and the lowest level of Council Tax increase which was consistent with the objectives of the Strategy. RECOMMENDED: That (1) the Capital Plan be updated as follows and adopted accordingly: (i) the position of the existing Capital Plan (List A) as presented to the Finance and Property Advisory Board on 3 January 2007 be approved; (ii) the new List C schemes shown in Annex 3 to the supplementary report be approved; (iii) approval be given to the deletion from List C of the schemes shown in Annex 4 to the supplementary report; (iv) approval be given to the selection for evaluation of those List C schemes listed in Annex 5 to the supplementary report, with those schemes so indicated being selected for fast-track evaluation; (v) an increase of £200,000 in the corporate capital plan provision for fast track schemes be approved to cover the possible implementation in 2007/08 of those schemes selected for fast-track evaluation; vi) approval be given to the use of the corporate provision for fast track schemes for Tonbridge Castle East Curtain Wall in the event that the evaluation of this scheme recommends urgent action; vii) approval be given to the transfer of the following List B schemes to List A: Car Parking: Parking Action Plan - Phase 6 (Provision £25,000 in 2007/08) Car Parking: Car Park Enhancement Programme (Provision £69,000 in 2007/08) Traffic Management: Local Transport Plan Partnership Programme 2007/08 (Provision £50,000 in 2007/08) Footpath Extension: Bailey Bridge Road, Aylesford (Provision £9,000 in 2007/08) Environmental Improvements: Stone Lock, Haysden Country Park (£3,000 in 2007/08) Snodland Partnership - Contribution for 2007/08 (Provision £25,000 in 2007/08) Larkfield Leisure Centre: Lowering of internal walkway (Provision £226,000 in 2007/08) Leisure Facilities: Disability Discrimination Act Improvements (Provision £47,000 in 2007/08) Tonbridge Cemetery / Churchyards - Memorial Safety (Provision £50,000 in 2007/08) Tonbridge Cemetery: Refurbishment of toilets (Provision £42,000 in 2007/08) Community Partnership Initiatives 2007/08 (Provision £100,000 in 2007/08); viii) approval be given to the retention on List B of the following ‘parked' schemes: Tonbridge Riverside Path Enhancement Tonbridge Racecourse Sports Ground - Ball Court; ix) approval be given to the transfer of Leisure Facilities: Upgrade of CCTV - Phase 2 from List B to List C pending the result of the evaluation of this phase; (2) for the financial year 2007/08 the prudential indicators listed in paragraphs 1.5.5 and 1.5.9 of the supplementary report be adopted; (3) the adjustments to the draft estimates outlined in paragraph 1.7.2 of the supplementary report be endorsed; (4) the Medium Term Financial Strategy be updated in accordance with paragraph 1.7.6 of the supplementary report; (5) the statement provided by the Director of Finance as to the robustness of the estimates and the adequacy of the reserves be noted and endorsed.; and (6) thanks be recorded to the Director of Finance and her staff and to the Management Team for their work in preparation of the budget. *Referred to Council |