Agenda item

Draft Budget setting, Medium Term Plan (MTP) and Capital Strategy (Agenda Item 8)

Report of the Executive Member for Finance.

Minutes:

The Executive Member for Finance introduced the report which was presented at the last Overview & Scrutiny Commission meeting.

 

The draft budget presented no issues and a balanced budget for 2016/17.  The recent Government Autumn Review Statement had announced a phased reduction of the Revenue Support Grant (RSG).  This had been budgeted for and therefore caused no issues.  The New Homes Bonus (NHB) would be phased out over 4 years.  The revenue from the RSG and the NHB would provide funding for an Investment Fund and a Growth Fund.  A gap of £806k needed to be met by savings/additional income over the coming four years, but it was thought this would be met by generation projects from Breckland Bridge.

 

Councillor Jolly congratulated the Section 151 Officer and the team for anticipating the budget.  Breckland was in a strong position, not only with a balanced budget but also for the future in the setting up of the Investment and Growth Funds.

 

Councillor Cowen agreed and said the budget had been presented at the last Overview and Scrutiny meeting and it had been the most easily understood presentation he had seen on Finance.

 

The Chairman said this demonstrated the Council were looking to the future, and it was a credit to the Portfolio Holder and the Officers involved.

 

OPTIONS

1.    That the draft capital and revenue budget estimates, the medium term financial plan and the capital strategy are released for consultation.

 

2.    There are no alternative options presented, however amendments may be made before release for consultation.

 

REASONS FOR RECOMMENDATION

To comply with the budgetary and policy framework.

 

RESOLVED that the draft capital and revenue budget estimates, the medium term financial plan and the capital strategy be released for consultation.

 

Supporting documents: