Issue - meetings

Report of Director of Resources

Summary

For the Executive to determine how they wish to allocate the New Homes Bonus received for the third year of the scheme. This is the award confirmed for 2013-14.

Recommendations

The meeting is recommended:

 1.1        To agree the year 3 allocations as set out in this report

1.2         To delegate authority to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the lead member for Financial Management and the lead member for Estates and the Economy to determine the schemes on which those funds allocated for economic development purposes should be spent.

1.3       To delegate authority to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the lead member for Financial Management and the lead member for Estates and the Economy  to agree future year allocations of New Homes Bonus.

Resolved

(1)          That the year 3 allocations of £1,340,156 be agreed as follows:

·         Affordable Housing                                     £100,240

·         Financial Pressure Allocation                   £619,958

·         Economic Development                             £450,669

·         Planned Growth in the District                  £169,289

Total year three allocation                       £1,340,156

(2)          That authority be delegated to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the Lead Member for Financial Management and the Lead Member for Estates and the Economy to determine the schemes on which those funds allocated for economic development purposes should be spent.

(3)          That authority be delegated to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the Lead Member for Financial Management and the Lead Member for Estates and the Economy to agree future year allocations of New Homes Bonus.

The Director of Resources submitted a report which asked Executive to determine how they wished to allocate the New Homes Bonus received for the third year of the scheme, the award confirmed for 2013-14.

Resolved

(1)          That the year 3 allocations of £1,340,156 be agreed as follows:

·         Affordable Housing                                     £100,240

·         Financial Pressure Allocation                   £619,958

·         Economic Development                             £450,669

·         Planned Growth in the District                  £169,289

Total year three allocation                       £1,340,156

(2)          That authority be delegated to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the Lead Member for Financial Management and the Lead Member for Estates and the Economy to determine the schemes on which those funds allocated for economic development purposes should be spent.

(3)          That authority be delegated to the Director of Resources and the Head of Strategic Planning and the Economy in consultation with the Lead Member for Financial Management and the Lead Member for Estates and the Economy to agree future year allocations of New Homes Bonus.

Reasons

It is recommended that the allocation method set out in this report are agreed in order to be clear about how the New homes Bonus is going to be used in the third year of its receipt.

Options

Option 1: Not to consider how these funds should be allocated. This is not good financial management and is therefore not advocated. It is also important to give a degree of certainty around how such funds will be allocated and used.