| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE CABINET | ||
| FP 13/003 |
Revenue Estimates 2013/14 |
The report of the Director of Finance referred to the responsibility of the Cabinet under the constitution for formulating initial proposals in respect of the budget. Reference was made to the role of the Advisory Board in assisting the Council and Cabinet in the preparation of the budget within the context of the Medium Term Financial Strategy and the Council's priorities. An outline was given of the process for referring the Advisory Board's recommendations to the Overview and Scrutiny Committee prior to consideration by the Cabinet on 5 February and thereafter by the Council at its budget meeting. The report set out the framework for consideration of the estimates in terms of the Medium Term Financial Strategy together with a number of service specific issues. It was noted that a number of adjustments would need to be made to the estimates during the budget setting process. The Director of Finance drew attention to the key messages arising from the provisional local government finance settlement including the implications of implementing the council tax 'freeze' grant and of the threshold set by the Secretary of State for local referenda to approve or veto council tax increases above 2%. The report also referred to assumptions made in respect of the replacement of the current formula grant system by the Business Rates Retention Scheme. The Director of Finance referred to the report to the Cabinet in November 2012 updating progress in identifying and implementing the first savings tranche of £635,000 together with the issues which had a negative effect on the 'funding gap'. It was noted that the Medium Term Financial Strategy would continue to be updated during the budget cycle as more information became available. RECOMMENDED: That (1) the draft Revenue Estimates contained in the booklet be endorsed subject to the further deferral of the transitional increase in Members' allowances recommended by the Joint Independent Remuneration Panel and removal of the increased provision from the 2013/14 estimates; and (2) within the context of the financial pressures outlined in the report, the Overview and Scrutiny Committee be requested to consider the draft Revenue Estimates contained in the booklet, as amended by (1) above, and make appropriate recommendations to the Cabinet for its special meeting on 5 February 2013. *Referred to Cabinet |