Issue - meetings

Report of Head of Finance and Procurement

Summary

To inform the Executive of the service and financial planning process for 2013/14, approve 2013/14 budget strategy and to agree budget guidelines for issue to service managers to enable the production of the 2013/14 budget and update the current position of our LGRR project

Recommendations

The Executive is recommended:

(1)          To note the updated MTFS forecast for the Council’s revenue budget for 2013/14 to 2016/17.

(2)          To endorse the overall 2012/13 budget strategy and service and financial planning process set out in the report.

(3)          To Ccnsider and agree the proposed budget guidelines and timetable for 2013/14 budget process. (Appendix 1 and 2)

(4)          To note the current position in relation to council tax support localisation detailed in Para 2.12.

(5)          To note the current position in relation to business rates localisation detailed in Para 2.17.

Resolved

(1)      That the updated MTFS forecast for the Council’s revenue budget for 2013/14 to 2016/17 be noted.

(2)      That the overall 2012/13 budget strategy and service and financial planning process be endorsed.

(3)      To the proposed budget guidelines and timetable for 2013/14 budget process be agreed.

(4)      That the current position in relation to council tax support localisation be noted.

(5)      That the current position in relation to business rates localisation be noted.

The Head of Finance and Procurement submitted a report which informed the Executive of the service and financial planning process for 2013/14, approve 2013/14 budget strategy and to agree budget guidelines for issue to service managers to enable the production of the 2013/14 budget and update the current position of our Local Government Resources Review project

In introducing the report, the Lead Member for Financial Management reported that the council’s financial settlement from central Government was not yet finalised and further adjustments to the proposals may be required.

In response to a comment from Councillor Tim Emptage, Leader of Liberal Democrat Group, regarding business rates localisation and the proposals for pooling amongst a number of Oxfordshire authorities, the Lead Member for Financial Management explained that discussions with other councils were ongoing to develop the financial models, understand what additional financial benefits a pooling arrangement could deliver, what the risks are, agree the principles of the proposed pool and how any additional funds should be shared. The deadline for submitting formal applications to pool was 19 October 2012.

Resolved

(1)               That the updated MTFS forecast for the Council’s revenue budget for 2013/14 to 2016/17 be noted.

(2)               That the overall 2013/14 budget strategy and service and financial planning process be endorsed.

(1)               To the proposed budget guidelines and timetable for 2013/14 budget process be agreed.

(2)               That the current position in relation to council tax support localisation be noted.

(3)               That the current position in relation to business rates localisation be noted.

Reasons

The Medium term Financial Strategy I currently being refreshed to take account of the LGRR and the strategy along with a forecast refresh will be reported as part of the budget reporting framework.

The Council needs to set guidelines and a timetable for the preparation of draft estimates for 2013/14.  These guidelines should support the objectives contained in the Corporate Plan, Service Plans and the Medium Term Financial Strategy which is currently being refreshed and will be presented for approval in December 2012.

In September 2012 the Executive received an update report on the Local Government Resource Review (LGRR) including the introduction of localised Council Tax Support to replace Council Tax Benefit and changes to the way in which business rates are collected and distributed. This report provides progress since that report.

Options

None