Meeting documents
Cabinet
Wednesday, 5th February, 2003
Corrections and Updates to the Budget Report- changes in italics
Table 1
|
Item |
Amount (£'000) |
Comment |
|
Opening Net Revenue Shortfall |
5,080 |
|
|
Less: |
||
|
Net reductions to additional spending pressures (see Appendix 1). These include some rephasing changes (fiscally neutral), which are managed through balances (see Col 7 of Appendix 5 also and Appendix 8) |
-1,837 |
Appendix 3 to the financial plan proposal listed those additional spending pressures incorporated into the financial plan. These have all been reviewed and net reductions made. This now includes a further reduction of £110k in inflation provision received since despatch of report. The net effect of inflation and contracts provision item 56 to £105k. The movements are - contracts reduction of £90k (final figures received), other changes £30k reduction, Insurance £50k reduction after new prices received and Fire was £60k extra as in budget set on 31st Jan (10% increase in budget). |
|
Additional savings (Appendix 2) |
-219 |
These are additional savings over and above those assumed in the financial plan |
|
Additional funding to Social Services over financial plan assumption |
220 |
|
|
Additional funding for key priorities, dependent on achievement of savings (net) (Appendix 3) |
121 |
These are high priority developments which are partly funded by savings Correction to remove item D7 that should not have been included (adds £38k to previous total) |
|
Additional Revenue for Investment and adding back savings - See LIST in Appendix 11 |
352 |
Unallocated sum for determination by Council - add back £30k (final grant settlement margin to 5.95%). Adjusted for all changes £30k grant - £38k add back saving D7 £110k reduction in inflation |
|
New Net Revenue Shortfall |
3,717 |
Difference -£1,363k- Difference to previous figure is grant settlement providing an additional £30k. |
TABLE 2
|
Description |
£'000 |
Comments |
|
Base Budget Cash Limit for 2002/03 |
146,924 |
Column 1 of Appendix 5 |
|
Assumed efficiency savings within existing plan (in detail in Appendix 4) net of reinvestment |
-461 |
Columns 3 and 4 of Appendix 5, Note this includes net effect of parish sweepers that was eliminated from the waste 2% efficiency savings which adds back £45,000 to cash limits. |
|
Previous draft Financial Plan rephasing changes in 2003/04. |
-213 |
These include some rephasing changes (fiscally neutral), which are managed through balances. See Column 2 of Appendix 5 and Appendix 8 also. |
|
Proposed 2003/04 Draft Financial Plan Items - revenue effect of the 2003/04 Draft Financial Plan compared to 2002/03 (exc. pay and prices) |
7,461 |
See Column 6 of Appendix 5. Further details are provided in a background paper to this report. |
|
Financial Plan provision for pay & prices increase |
6,474 |
Column 5 of Appendix 5 |
|
Changes as listed in Table 1 |
-1,363 |
Column 7,8 and 9 of Appendix 5 - result of net effect of adjustment to flexibility in table 1. |
|
Recommended Revenue Budget 2003/04 |
158,822 |
Column 10 of Appendix 5. |
TABLE 5
|
Description |
£'000 |
Comments |
|
Recommended Net Revenue Budget |
158,822 |
From table 2 |
|
Funded by: |
||
|
Grant and estimate of Collection Fund surplus = £99123k £486k |
-99,609 |
Final figure published 3 February 2003 |
|
Funded by balances |
-282 |
Mainly carried forward items |
|
Equals to be funded by Council Tax |
58,931 |
|
|
Taxbase |
62,660.8 |
Final figure as approved by Council in January |
|
Equals Recommended Council Tax at Band D for 2003/04 |
£940.48 |
Recommended Council Tax Band D |
|
Current Council Tax Band D |
£887.70 |
2002/03 Year |
|
Recommended Increase |
5.95% |
|
|
|
|
|
Changes to Appendices that feed into tables 1,2 and 5 above
Appendix 1
Item 56 - Inflation Other areas - e.g. inflation above 3% in certain contracts - shown as £215k now £105k.
Appendix 3 - Corrections
Item D7 - Shopmobility removed from list and all figures in tables above, erroneously included (£38k value).
Appendix 4 - Corrections
The following savings within Waste to be removed and replaced:
Removing
7. Reduce plastics recycling at CA sites = £6K
12. Cease twice weekly refuse collection = £6k
13. Remove bulk bins = £8k
15. Remove funding for leaflets = £1k
16. Reduce funding for litter bins = £5k
17. Remove some bottle banks = £2k
TOTAL = £28K
Replacing this with
The £28K saving represented as a 1 line total to be found from within other areas in the waste budget. Either from this years underspend, or through the possibility of raising revenue through charging for fridge disposal.
See new table attached, resulting from changes to Appendix 1,3,4 and new items in Appendix 11.
Appendix 7 (Capital Budgets)
Transposed figures:
Victoria Art Gallery (VAG) access should be £60k
Land Registration should be £56k
Rephase EPH spending to later years by £112k
Include other items as listed in appendix 11 in substitutions and allocation of the resulting £362k. (Was previously £250k)
Appendix 8
Change to contribution to balances resulting from Appendix 11 - last three lines of this Appendix would change to:
|
Net balances (Net minimum for proposed £158.8m budget at 2.5% would need to be £3,970k) £k |
Balance |
3,953 |
|
Contribution in proposed budget would add a further £k |
Addition Less use in Appendix 11 - was £450k |
414 |
|
Net balances if recommended budget approved (equal to 2.75% of recommended net revenue budget). £k |
Balance - was £4403 |
4,367 |
New Appendix 11 - Executive Proposals
See attached