Agenda item

Cabinet considered the head of finance’s report which proposed the draft revenue budget 2015/16 and the capital programme to 2019/20.  Tabled at the meeting were appendices E (Prudential Indicators) and F.2 (Reserves Funding). 

Cabinet supported the draft budget, and emphasised that should there be no change to the new homes bonus scheme, the leader of the council might wish to use an element of the remaining new homes bonus balance to fund infrastructure projects. 

Cabinet made the following amendments to the draft budget:

·         In appendix B item 5 under Economy, Leisure and Property, the title of the bid should be amended to ‘strategic property – additional professional support’

·         In appendix D.2 item 1 under Corporate Management Team, the title of the bid should read ‘South Hinksey rail crossing’ and ‘South Hinksey’ should replace ‘North Hinksey’ in the summary text

·         In appendix D.2 item 2 under HR, IT and Technical Services, the title of the bid should read ‘Abingdon flood defences’ and the summary text should be amended to ‘Funding of Abingdon flood defences including St Helen’s Mill and River Ock retention scheme’

RESOLVED:

1.    To recommend Council that it:

(a)  sets the revenue budget for 2015/16 as set out in the appendix A.1 to the head of finance’s report;

(b)  approves the capital programme for 2015/16 to 2019/20 as set out in appendix D.1 to the head of finance’s report, together with the capital growth bids set out in appendix D.2 of the head of finance’s report;

(c)  sets the council’s prudential limits as listed in appendix E to the head of finance’s report;

(d)  approves the medium term financial plan to 2019/20 as set out in appendix F.1 to the head of finance’s report. 

2.    That Cabinet agrees that the leader of the council makes minor adjustments to the draft budget proposals and prudential indicators, in conjunction with the head of finance, should they prove necessary following the publication of the final Local Government settlement and prior to its submission to Council on 18 February 2015.