Approval of Revenue and Capital Budgets 2018-2019 Portfolio: Resources and Leader Report From: Director of Finance Wards: All Wards OPEN PUBLIC ITEM 1 Purpose
Report No: F14/18 Eden District Council Council 15 February 2018 Approval of Revenue and Capital Budgets 2018-2019 Portfolio: Resources and Leader Report from: Director of Finance Wards: All Wards OPEN PUBLIC ITEM 1 Purpose 1.1 To set out the revised revenue budget for 2017-2018, the proposed revenue budget for 2018-2019 (the ‘Budget Requirement’) and the proposed capital budget (2017-2022 Capital Programme) for the approval of Council. These are based on the recommendations to Council by the Executive at its meeting on 23 January 2018, plus changes required for priority actions and, where appropriate, changes agreed at the Executive meetings on 23 January 2018 and 6 February 2018 and elsewhere on this agenda. In addition to consider the formal advice of its Chief Financial Officer on the robustness of the estimates included in the budget and the adequacy of the reserves. 2 Recommendation 1 The Council’s revenue budget in 2017-2018 be a net cost of services of £7,968,142, with a deficit of £677,947 (paragraph 3.8.1). 2 The Council’s revenue budget in 2018-2019 be a net cost of services of £8,144,306, with a deficit of £760,080 made up as follows (paragraph 3.9.1): £ Budgeted Expenditure 7,941,056 Growth 203,250 (See Appendix B) 8,144,306 Less: Council Tax -3,884,746 Based on Band D Council Tax of £190.75: no increase on the 2017-2018 level Less: Surplus on Collection Fund -32,000 Less: Revenue Support Grant -87,296 Less: Rural Services Delivery Grant -677,638 Less: Business Rates Retention Scheme -2,079,000 Less: New Homes Bonus -615,546 Deficit 760,080 3 The Council’s Budget Requirement (inclusive of local precepts) be £8,393,388 in 2018-2019 (paragraph 3.9.5).
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