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.