Agenda item

Financial Plan 2019/2024

Meeting of Cabinet, Tuesday, 4th February, 2020 3.30 pm (Item CAB100)

Decision:

RECOMMENDED:

1 That Council approve the revision to the budget for 2020/2021 as set out in the report.

2 That Council reaffirm the Policy on Earmarked Reserves and General Fund Working Balance and the maximum balances set for the reserves as noted in the report.

3 That Council :

1) Approves the budget of £18,441,610 for 2020/2021 and notes the projections for 2021/2022, 2022/2023 and 2023/2024.

2) Approves the level of Special Expenses for the Town/Parish Councils as detailed in the report.

3) Approves the Fees and Charges for 2020/2021 detailed in Appendix 5.

4) Approves a Band D council tax of £130.37 for 2020/2021

4 That Council approves a minimum requirement of the General Fund balance for 2020/2021 of £922,080.

Minutes:

The Section 151 Officer, T Stankley presented the Financial Plan 2019/2024 which showed that the Council could present a funded budget. The current general fund balances would be required to support the budget in the event that income levels were not achieved and/or delayed, whilst further cost reductions were made.

In presenting the report Ms Stankley explained that the figures had been increased with inflation at 1.7% where required. An additional £1.3m of savings had been identified when revising the 2019/2020 budget which should be achieved by the year. Parking charges had not been increased across the board, however the free third hour had now been removed from the two hour fee. As had previously been forecast, to balance the budget there would need to be a draw on reserves to make up for the shortfall in funding for the coming year.

It was explained that the significant risks identified in the Plan were around the uncertainty of how both the upcoming reform of the Business Rates Retention Scheme, and the outcome of the Government’s Fair Funding Review, would impact on the Council’s finances.

The Council Tax was proposed to be increased by £4.50 per annum, which with Special Expenses increases would remain within the £5.00 per annum increase permitted under the Council Tax referendum principles.

Under standing order 34, Councillor Parish asked why it was not possible for a 1 hour parking fee for Heacham beaches, rather than only 2-3 hours as he considered that affected the people visiting the beach, particularly in winter. Councillor Kunes confirmed that there was already a 1hour charge for parking at Heacham.

In proposing the budget, Councillor Long explained that the free 3rd hour parking needed to be reviewed, and it was preferable to do that rather than increase parking fees across the board.

Councillor Long drew attention to the fact that if the IDB precept was taken from the Borough’s Council Tax levy, this Council’s Tax would be the lowest in the country, he reminded members that most other authorities did not have IDB levies.