Agenda and minutes

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Contact: John Wright  01902 555048 or Email: john.wright@wolverhampton.gov.uk

Items
No. Item

1.

Apologies for absence

Minutes:

Apologies for absence were submitted on behalf of Councillors Mark Evans, Linda Leach, Judith Rowley, Paul Singh and Jacqueline Sweetman.

2.

Declarations of interest

Minutes:

There were no declarations of interest.

3.

Minutes of previous meeting pdf icon PDF 93 KB

Minutes:

The minutes of the meeting held on 28 January 2015 were approved as a correct record.

4.

Communications

[To receive the Mayor’s announcements]

Minutes:

The Mayor referred to the recent tragic death of Stewart Mills who acted as Mayor’s consort to Councillor Christine Mills on two occasions. 

 

The meeting stood for a minutes silence in his memory.

5.

Budget pdf icon PDF 106 KB

[To consider and determine the Council’s budgetary provisions for the forthcoming municipal year]

·                Capital Programme 2014/15 to 2018/19 quarter three review and 2015/16 to 2019/20 budget strategy

·                Treasury Management Strategy 2015/16

·                Budget 2015/16 and Medium Term Financial Strategy 2015/16 to 2018/19

·                Council Tax Formal Resolutions

 

Minutes:

It was moved by Councillor Lawrence and seconded by Councillor Johnson that

 

1.  The revised medium term General Fund capital programme of £221.2 million, an increase of £1.5 million from the previously approved programme, reflecting the latest projected expenditure for the medium term be approved

 

2.  The projected changes in expenditure for ten existing projects totalling £1.5 million be approved

 

3.  The authorised borrowing limit for 2015/16 as required under Section 3(1) of the Local Government Act 2003 be set at £1,003.5 million

 

4.  The Treasury Management Strategy Statement 2015/16 as set out in appendix A to the report be approved.

 

5.  The Annual Investment Strategy 2015/16 as set out in appendix B to the report be approved .

 

6.  The Prudential and Treasury Management Indicators as set out in appendix C to the report.

 

7.  The Annual Minimum Revenue Provision (MRP) Statement setting out the method used to calculate MRP for 2015/16 onwards as set out in appendix D to the report be approved.

 

8.  The method used to calculate MRP for 2014/15 as set out in the Annual Minimum Revenue Provision (MRP) Statement approved by Council on 17 December 2014 be amended to the method as set out in appendix D to the report be approved .

 

9.  The Treasury Management Policy Statement and Treasury Management Practices as set out in appendix F to the report be approved .

 

10.                That authority continues to be delegated to the Director of Finance to amend the Treasury Management Policy and Practices and any corresponding changes required to the Treasury Management Strategy, the Prudential and Treasury Management Indicators, the Investment Strategy and the Annual MRP Statement to ensure they remain aligned.  Any amendments will be reported to the Cabinet Member for Resources and Cabinet (Resources) Panel as appropriate.

 

11.                The net budget requirement for 2015/16 of £224.9 million for General Fund services.

 

12.                The Medium Term Financial Strategy 2015/16 to 2018/19 as detailed in Table 6 of the report be approved.

 

13.                A Council Tax for Council services in 2015/16 of £1,369.64 for a Band D property, being an increase of 1.99% on 2014/15 levels be approved.

 

14 That £20 million of additional savings for 2016/17 should be identified and reported to Cabinet in June 2015, in order to demonstrate that a balanced budget can be achieved in 2016/17.

 

15That it be noted that the Council Tax base for the year 2015/16 is calculated at £59,103.95 (Item T in the formula in Section 31B of the Local Government Finance Act 1992, as amended (the ‘‘Act’’), as reported to Cabinet on 14 January 2015.

 

16 That the Council Tax requirement for the Council’s own purposes for 2015/16 is £80,951,000.

 

17 That the following amounts be calculated for the year 2015/16 in accordance with Sections 30 to 36 of the Local Government Finance Act 1992 as amended:

 

(a)       £697,783,000  being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(2) of the Act.

 

(b)  ...  view the full minutes text for item 5.