Agenda item

Summary:

Options considered:

This report presents for approval the budget for 2020/21 and to make statutory calculations in accordance with the Local Government Finance Act 1992 to set the Council Tax for 2020/21. The report also includes the Chief Financial Officer’s report on the robustness of the estimates and adequacy of reserves.

It is a statutory requirement to set the budget each year, whilst there are options around the content of the budget presented for approval, the budget now recommended reflects the recommendations made by Cabinet at its meeting on 3 February 2020.

Conclusions:

It is the opinion of the Council’s Chief Financial Officer that the budget for 2020/21 has been set within a robust framework and the impact of this resolution will maintain an adequate level of financial reserves held by the Council.

Recommendations:

Reasons for

Recommendations:

That having considered the Chief Financial Officer’s report on the robustness of the estimates and the adequacy of the proposed financial reserves, the following be approved:

1)            The 2020/21 revenue budget as outlined at Appendix A within this report;

2)            The surplus of £2,379,266 be transferred to the Delivery Plan Reserve;

3)            An additional £50,000 to be released from the Communities Reserve to support the North Norfolk Sustainable Communities Fund;

4)            An additional £33,000 to be released from the Communities Reserve to support the Community Transport Fund;

5)            The transfer of £150,000 from the Environmental Health Reserve to the newly created Environment Reserve;

6)            A sum of £9,000 is released from the General Fund Reserve to fund the purchase of beach wheelchairs;

7)            The statement of and movement on the reserves as detailed at Appendix C within this report;

8)            The updated Capital Programme and financing for 2019/20 to 2022/23 (as detailed at Appendix E1 within the 2020/21 Budget Report - February 2020 Cabinet Agenda);

9)            The new capital bids recommended for approval (as detailed within appendix E2 within the 2020/21 Budget Report - February 2020 Cabinet Agenda); 

10)         That Members note the current financial projections for the period 2021/22 to 2023/24;

11)         The Policy Framework for the Earmarked Reserves and the Optimum Level of the General Reserve 2020/21 to 2023/24 (Appendix B within this report);

12)         That Members undertake the Council Tax and statutory calculations set out at section 4, and set the Council Tax for 2020/21;

13)         The demand on the Collection Fund for 2020/21 is as follows:

a.    £6,305,671 for District purposes

b.    £2,520,143 for Parish/Town Precepts;

This reflects the recommended Council Tax increase of £4.95 for the District element for an average Band D property;

14)      It is recommended to Full Council that the Rate Relief Policy is revised to include these new reliefs as set out at section 4.10 and;

15)      It is recommended that the Council continues with the current Local Council Tax Support (LCTS) scheme for 2020/21 as outlined within the 2020/21 Budget Report - February 2020 Cabinet Agenda whereby those of working age previously entitled to 100% maximum council tax benefit are required to pay a minimum of 8.5% of their council tax liability.

To approve the 2020/21 budget for revenue and capital and to make the statutory calculations in respect of the 2020/21 Council Tax.

Budget reports and briefings, precepts (NCC, Police and Parishes)

Cabinet Member(s): All

Ward(s) affected: All