Decision Maker: Executive, Council
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
Budget 2020/21 and Capital Programme 2020 to
(i) A Revenue budget requirement of £24.460 million for 2020/21 as set out in the report to Executive and supported by the Updated Medium-Term Financial Plan at Annex 1, which includes:
· Revenue Budget Growth Proposals of £0.074 million (at Annex 1.1) in addition to the £2.12 million (net) that was previously reported in the November 2019 Budget report; and
· An advance payment of £6.204 million for the secondary element of the employer’s Local Government Pension Scheme contribution for 2020/21 to 2023/24;
(ii) An increase in Reigate & Banstead’s Band D Council Tax of £5.00 (2.20%);
(iii) The planned use of £5.671 million (net) from the General Fund Balance; comprising:
· Drawing £1.256 million from the General Fund Balance to support the 2020/21 Revenue Budget; and
· Drawing £6.204 million from Reserves to fund the cost of the advance payment of the employer’s secondary pension contribution for the three-year period to 2022/23
· Transferring the £1.789 million allocation of New Homes Bonus funding for 2020/21 into Reserves.
(iv) The recommended re-allocation of funds between Earmarked Reserves in 2020/21 as detailed in the report and at Annex 2;
(v) The latest Medium-Term Financial Plan at Annex 2
(vi) A Capital Programme of £176.328 million for 2020/21 to 2024/25 as set out in the report and at Annex 3, including additional Capital Programme Growth Proposals of £82.655 million, supported by the Capital Strategy for 2020/21 at Annex 3;
(vii) The Chief Finance Officer’s report on the robustness of the Budget estimates and adequacy of Reserves.
RESOLVED that the Chief Finance Officer to make any necessary final technical adjustments to the budget and Council Tax arising from final budget refinements or changes to Government funding.
Reason Key: Affects more than 1 ward;
Corporate Priorities : A great council.;
Wards Affected: (All Wards);
Contact: Sanjay Sharma, Management & Commercial Accounting Email: firstname.lastname@example.org Tel: 01737 276840.
Report author: Sanjay Sharma
Publication date: 03/02/2020
Date of decision: 30/01/2020
Decided at meeting: 30/01/2020 - Executive
Effective from: 12/02/2020