This report presents the Council’s Budget for 2012/13 and Medium Term Financial Strategy for approval and recommendation to Council.  The report recommends the Board to recommend Council to:-

v     Approve the General Fund budget requirement of £24.113 million as detailed in Appendix 1 to the report and in so doing to agree a Council Tax freeze for 2012/13, thereby resulting in an average band D Council Tax of £262.96.

v     Approve the Housing Revenue Account budget for 2012/13 as set out in Appendix 4 to the report and an average dwelling rent increase of 7.83%and service charge increases of 6.1%.

v     Approve the Capital Programme for 2012/13 -2015-16 as set out in Appendix 6 to the report.

v     Approve the fees and charges set out in Appendix 7 to the report.

The Head of Finance submitted a report (previously circulated, now appended) presenting the Council’s Budget and Medium Term Financial Strategy.

The Chief Executive indicated that, as an addition to the matters set out in the report, it would be highly beneficial if Council could be recommended to release funds to install photovoltaic panels on certain council owned premises. In order to qualify for the current higher rate of tariff, the work needed to be completed within a very short timescale. Given the clear cross-party support voiced at the meeting by the leaders of the Liberal Democrat and Green Groups, the Board agreed this additional recommendation, and also agreed to enable the timely letting of the required contracts by way of the resolutions set out in minute 78 below.

Resolved to:-

(1)                           Note the outcome of the consultation on the Budget;

(2)       Approve the proposed amendments to the Budget as set out in tables 3, 5 and 6 of the report

(3)       RECOMMEND that Council:-

(a)       Approves the General Fund budget requirement for 2012/13 of £24.113 million as detailed in Appendix 1 to the report and in so doing to agree a Council Tax freeze for 2012/13, thereby resulting in an average Band D Council Tax of £262.96; 

(b)       Approve the Housing Revenue Account budget for 2012/13 as set out in Appendix 4 to the report and an average dwelling rent increase of 7.83% and service charge increases of 6.1%;

(c)        Approves the Capital Programme for 2012/13 - 2015-16 as set out in Appendix 6 to the report subject to the inclusion of £300,000 in the 2011/12 Capital Programme in respect of the installation of photovoltaic works to General Fund Leisure properties to be funded by capital receipts and the inclusion of £400,000 for Council house properties in the HRA for similar works to be financed from underspends within the HRA capital programme; and

(d)       Approve Fees and Charges as set out in Appendix 7 to the report.