Report of the Head of Finance.

The report presents the Council’s Budget 2014/15 and Medium Term Financial Strategy 2014/15 to 2017/18

The Board is recommended to:-

(1.)      The City Executive Board is asked to consider the    outcome of the public consultation, agree the amendments to the Consultation Budget and recommend that Council:-

a)         approves the Council’s General Fund Budget Requirement of £24.023 million for 2014/15 and an increase in the Band D Council Tax of 1.49% or £4.00 per annum as set out in Table 8 and Appendices 1-3,  representing a Band D Council Tax of £272.19 per annum, subject to any alternative recommendation necessitated by the Secretary of State’s determination as explained  in paragraphs 6-10 below;

b)         approves the continuance of the Council’s Council Tax Support Scheme (formerly Council Tax Benefit) as referred to in paragraph 44;

c)         approves the Housing Revenue Account budget for 2014/15 as set out in Appendix 4 and an increase in average dwelling rent of 5.42% representing £5.25 per week and taking the annual average rent to £102.08 as set out in Appendix 5;

d)         approves the Capital Programme for 2014/15 -2017-18 as set out in Appendix 6;

e)         approves the Fees & Charges schedule as set out in Appendix 7 and;

f)          approves the changes to the level of exemptions and discounts on empty homes and unoccupied properties as outlined in paragraph 44

(2).      The City Executive Board is also asked  to adopt a retail relief scheme for business rates on the terms set out in Paragraph 19 and to delegate the authority to administer the Retail Relief Scheme to the Head of Customer Services in conjunction with the Section 151 Officer.

The Head of Finance submitted a report (the main report) (previously circulated, now appended) and a supplementary report (also previously circulated, now appended).  The Board also had before it a Scrutiny report (previously circulated, now appended).  With the agreement of the Chair, Councillor Simmons addressed the meeting and spoke to the Scrutiny report and generally.

Resolved:-

(1)  To RECOMMEND Council to:-

(a)  approve the Council’s General Fund Budget Requirement of £24.080 million for 2014/15 and an increase in the Band D Council Tax of 1.99% or £5.34 per annum as set out in Table 1 of the supplementary report of the Head of Finance, representing a Band D Council Tax of £273.53 per annum;

b)    approve the continuance of the Council’s Council Tax Support Scheme (formerly Council Tax Benefit) as referred to in paragraph 44 of the main report of the Head of Finance;

c)    approve the Housing Revenue Account budget for 2014/15 as set out in Appendix 4 to the main report and an increase in average dwelling rent of 5.42% representing £5.25 per week and taking the annual average rent to £102.08 as set out in Appendix 5 to the main report;

d)    approve the Capital Programme for 2014/15 -2017-18 as set out in Appendix 6 to the main report;

e)    approve the Fees and Charges Schedule that forms Appendix 7 to the main report;

f)     approve the changes to the level of exemptions and discounts on empty homes and unoccupied properties as outlined in paragraph 44 of the main report;

(2)  To adopt a retail relief scheme for business rates on the terms set out in paragraph 19 of the main report and to delegate the authority to administer the Retail Relief Scheme to the Head of Customer Services in conjunction with the Section 151 Officer;

(3)  On the recommendations from Scrutiny:-

a)    To agree recommendation 1, 3, 4, 6, 11 and 13;

b)    Not to agree recommendations 5, 7, 9 (noting that the supplementary report of the Head of Finance dealt with the Government’s announcement on ‘excessive council tax’ levels and the setting of the Council Tax), 10 and 12, all for the reasons set out in the Board Member’s response as contained in the Scrutiny report;

c)    On the five parts of recommendation 2, to agree parts 2, 4 and 5; on part 3 to note that an additional £25,000 for the low carbon Oxford budget line was proposed to be added and that no further budget provision was felt to be necessary; and on part 1, not to agree for the reasons given in the response to the recommendations as contained in the Scrutiny report;

d)    On recommendation 8, to record that officers would be seeking to develop good quality outcome monitoring for 2014/15 from the Council’s involvement in youth activities.

This report will present the Council’s Medium Term Financial Strategy and draft Budget for 2014/15 to go out to consultation.

The Head of Finance submitted a report (previously circulated, now appended).

The Board Member, Finance, Efficiency and Asset Management referred to some aspects of the Chancellor’s Autumn Statement that might affect local authority budgets, namely employer national insurance contributions, New Homes Bonus and business rate concessions.

The Leader and the Chief Executive thanked Finance staff for their work in preparing the draft consultation Budget.

Resolved to approve for consultation the draft Budget for the financial year 2014/15 and the Medium Term Financial Plan for the period 2015/16 to 2017/18 and in particular to approve:-

(1)  The Council’s General Fund Budget Requirement of £23.471 million for 2014/15 as set out in Appendix 1 to the report and an increase in the Band D Council Tax of 1.99% or £5.34 per annum representing a Band D Council Tax of £273.53 per annum;

(2)  The continuance of the Council’s Council Tax Support scheme (formerly Council Tax Benefit) as referred to in paragraph 25 of the report;

(3)  The Housing Revenue Account budget for 2014/15 as set out in Appendix 4 to the report and an increase in average dwelling rent of 5.42% or £5.25 per week an annual average rent of £102.08 as set out in Appendix 5

(4)  The Capital Programme for 2014/15 -2017/18 as set out in Appendix 6 to the report;

(5)  The fees and charges schedule as set out in Appendix 7 to the report;

(6)  The proposed level of exemptions and discounts on empty homes and unoccupied properties as outlined in paragraph 44 of the report.