Agenda item

10.1

A joint report of the Chief Executive and the Executive Director of Resources was submitted, which set out the latest position on the 2012/13 budget; provided details of the Local Government Finance Settlement for 2013/14; sought approval to the City Council’s revenue expenditure plans and requirements for 2013/14, including the position on reserves and balances; levies and precepts made on the City Council by other authorities; the City Council’s Medium Term Financial Strategy, including the financial outlook for 2013/14 and beyond; proposals for the level of Council Tax to be kept the same as for 2012/13; and the technical calculation of the overall Council Tax increase, including South Yorkshire precepts.

As part of Cabinet’s consideration of the joint report, it was noted that the Overview and Scrutiny Management Committee had noted the following recommendations without amendment, as part of its consideration of the joint report earlier in the day.

RESOLVED: That, on the understanding that the reference to the proposed closure of the Bole Hill View Resource Centre in paragraph 130 of the joint report be amended to show the proposed closure of the Centre as taking effect from “March 2014” rather than “October, 2013” as shown, the City Council, at its meeting on 1st March, 2013, be recommended to:-

(a)

approve a net Revenue Budget for 2013/14 amounting to £477.430m;

(b)

approve a Band D equivalent Council Tax of £1,282.75 for City Council services, i.e. at the same level as 2012/13;

(c)

approve the Revenue Budget allocations and Budget Implementation Plans for each of the services, as set out in Appendix 2;

(d)

note that, based on the estimated expenditure level of £477.430m set out in Appendix 3 to this report, the amounts shown in part B of Appendix 6 would be calculated by the City Council for the year 2012/13, in accordance with sections 32 to 36 of the Local Government Finance Act 1992;

(e)

note the information on the precepts issued by the South Yorkshire Police Authority and the South Yorkshire Fire and Civil Defence Authority, together with the impact of these on the overall amount of Council Tax to be charged in the City Council’s area.

(f)

note the latest 2012/13 budget monitoring position;

(g)

approve the Treasury Management and Annual Investment Strategies set out in Appendix 7 and the recommendations contained therein;

(h)

approve the Minimum Revenue Provision (MRP) Statement set out in Appendix 7; and

(i)

agree that authority be delegated to the Director of Finance to undertake Treasury Management activity, to create and amend appropriate Treasury Management Practice Statements and to report on the operation of Treasury Management activity on the terms set out in these documents.

(NOTE: 1.This item is referred for approval by the City Council and cannot, therefore, be called in for scrutiny; and

2. The report on the Revenue Budget 2013/14 will be circulated to all Council Members)