Council Budget Decisions - 26.02.09

DECISIONS MADE AT THE SPECIAL COUNCIL MEETING ON 26TH FEBRUARY 2009 1.

TREASURY AND ANNUAL INVESTMENT STRATEGY 2009 The Council: (a)

agreed the Treasury Strategy as set out in Appendix A of the officers’ report;

(b) approved the revised cash investment criteria outlined in Appendix B, with immediate effect (as from Monday 2 March 2009); (c)

agreed that in the context of continuing turbulence in the financial markets, the Director of Finance be given delegated authority to vary any of the recommended limits and criteria outlined in appendix B of the officers’ report – any such variations to be justified and reported in full, to the next Cabinet/Council meeting;

(d) approved the basis for the calculation of the minimum revenue provision (as outlined in Appendix A of the officers’ report), as from 1 April 2008; and (e) agreed the Prudential Indicators, which demonstrate that the Council’s capital investment plans are affordable, prudent and sustainable. 2.

BUDGET AND COUNCIL TAX 2009/10 The Council adopted the Cabinet’s budget proposals for 2009/10 and resolved to:

2.1

agree that the Waltham Forest element, including, the levying bodies, is increased by 1.9% from £1,130.73 to £1,152.21 per Band D property in 2009/10;

2.2

note that the element of Council Tax charged by the Greater London Authority will be £309.82 per Band D property in 2009/10;

2.3

agree that the overall Council Tax to be set for 2009/10 will be £1,462.03 per Band D property in 2009/10;

2.4

note that for planning purposes the Waltham Forest element of the Council Tax including the levying bodies, is increased by no more than 2.5% for 2010/11 to 2013/14;.

2.5

agree the projected Budget for 2009/10 of £390.683 million;

2.6

agree that the projected working balances should be increased by £1.2 million to £6 million, as a further step towards increasing balances to 2.5% of net expenditure;

2.7

agree the schedule of fees and charges as set out at Appendix 11 of the officers’ report so far as they relate to fees and charges that are reserved for Council decision by regulation 2(6)(d) or (e) of the Local Authorities (Functions and Responsibilities) (England) Regulations 2000, subject to a reduction in the proposed increase in the skip permit charge set out on Page 100 of the officers’ report from 10% to 3%, the financial effect of which to be contained within the overall budget for the Environment and Regeneration Directorate;

2.8

approve the capital programme 2009/10 as set out in Appendix 7 of the officers’ report, subject to a reduction of £350,000 in respect of expenditure in 2009/10 on Item 11 of the programme (regeneration projects) resulting in a reduction in the total budgeted expenditure in the Capital Programme in 2009/10 of £91, 563;

2.9

note the statements of the Director of Finance made in respect of Section 25 of the Local Government Act 2003 regarding the adequacy of reserves and robustness of the estimates; note that Executive Directors will be required to report monthly on their projected outturn in 2009/10 against their Budgets and to report monthly on the progress in implementing the growth initiatives and efficiency measures as reported in Appendices 3 and 4 of the officers’ report.

2.10

Council further adopted the Cabinet’s recommendations in respect of the Council Tax for 2009/10 to:2.11

note that Cabinet at its meeting on 25th November 2008 determined the amount of 75,803 as the Council Tax Base for Waltham Forest for 2009/10, in accordance with Regulation 3 of the Local Authorities (Calculation of Council Tax Base) Regulations 1992 made under Section 33(5) of the Local Government Finance Act 1992, (as amended);

2.12

agree that the following amounts be calculated by the Council for 2009/10 in accordance with Sections 32 to 36 of the Local Government Finance Act 1992:-

2.12

agree that the following amounts be calculated by the Council for 2009/10 in accordance with Sections 32 to 36 of the Local Government Finance Act 1992:-

2.12.1

Gross Expenditure £981.450 million - being the aggregate of the amounts which the Council estimates for the items set out in Section 32(2) (a) to (e) of the Act;

2.12.2

Gross Income £590.767 million - being the aggregate of the amounts which the Council estimates for the items set out in Section 32(3) (a) to (c) of the Act;

2.12.3

Net Expenditure £390.683 million - being the amount by which the aggregate at 2.12.1 above exceeds the aggregate at 2.12.2 above, calculated by the Council in accordance with Section 32(4) of the Act as its budget requirement for the year;

2.12.4

Formula Grant, Area Based Grant and Dedicated Schools Grant £303.342 million - being the aggregate of the sums which the Council estimates will be payable for the year into its General Fund in respect of redistributed non-domestic rates and Revenue Support Grant (£120.775 million), the Area Based Grant (£14.327 million) and the Dedicated Schools Grant (DSG) (£169.881 million) reduced by the deficit on the Collection Fund (£1.642 million - the amount of the sums which the Council estimates will be transferred in the year to its Collection Fund from its General Fund in accordance with Section 97(3) of the Local Government Finance Act 1988, as amended);

2.12.5

LBWF Council Tax £1,152.21 - being the amount at 2.12.3 above less 2.12.4 above, all divided by 75,803, the amount at 2.11 above, calculated by the Council in accordance with Section 33(1) of the 1992 Act as the basic amount of its Council Tax for the year;

2.12.6

Valuation bands

Band

LBWF

A

B

C

D

E

F

G

H

£

£

£

£

£

£

£

£

768.14

896.16

1,024.18

1,152.21

1,408.26

1,664.30

1,920.35

2,304.42

being the amounts given by multiplying the amount at 2.12.5 above by the number which, in the proportion set out in Section 5 (1) of the 1992 Act, is applicable to dwellings listed in a particular valuation band divided by the number which in that proportion is applicable to dwellings listed in Valuation Band D, calculated by the Council, in accordance with Section 36(1) of the 1992 Act, as the amounts to be taken into account for the year in respect of categories of dwellings listed in different valuation bands; 2.13

Band

GLA 2.14

Band

Total

3.

note that for 2009/10 the Greater London Assembly (GLA) has stated that the following amounts in precepts are expected to be issued to the Council in accordance with Section 40 of the Local Government Finance Act 1992 for each of the categories of dwellings shown below:A

B

C

D

E

F

G

H

£

£

£

£

£

£

£

£

206.55

240.97

275.40

309.82

378.67

447.52

516.37

619.64

agree, having calculated the aggregate in each case of the amounts at 2.12.6 and 2.13 above, that the Council, in accordance with Section 30(2) of the Local Government Finance Act 1992 hereby sets the following amounts of Council Tax for 2009/10 for each of the categories of dwellings shown, (provisional on the GLA precept):A

B

C

D

E

F

G

H

£

£

£

£

£

£

£

£

974.69

1,137.13

1,299.58

1,462.03

1,786.93

2,111.82

2,436.72

2,924.06

2.15

authorise the Director of Finance and the Head of Revenues and Benefits to finalise the necessary publicity as required by Section 38 of the Local Government Finance Act 1992 and to promote the first day of the month instalment dates, and the six date options within each month for Direct Debit payers, as previously agreed;

2.16

note that to ensure the required period of notice is given, Council Taxpayers who receive instalment slips will be requested to pay their first instalment by 1st April 2009 and subsequent instalments on the 1st of each month; and

2.17

agree to adopt the ratios set out in Appendix 6 of the officers’ report in fulfilment of the requirements of the Prudential Code of the Chartered Institute of Public Finance and Accountancy under Section 4 of the Local Government Act 2003.

APPOINTMENTS The Council agreed the following appointments to committees and outside bodies: (a)

Committees

Licensing Act 2003 and Gambling Committee Councillor G. Sinclair to replace Councillor P. Herrington (b)

Outside Bodies

Community Safety Board Councillor G. Sinclair to replace Councillor M. Davis Waltham Forest Citizens Advice Bureau Councillor G. Sinclair to replace Councillor J. Hemsted Joint Health Overview and Scrutiny Committee – Trauma and Stroke Services Councillor R. Sweden Deputy Member – Councillor R. Carey