Agenda item

2015/16 Revenue and Capital Budgets

Joint Report of the Treasurer to the Joint Committee / Corporate Director: Resources and the Corporate Director of Neighbourhood Services.

Minutes:

The Joint Committee considered a report of the Corporate Director Neighbourhood Services and Corporate Director Resources / Treasurer to the Joint Committee which set out for Members’ consideration proposals with regards to the 2015/16 Revenue and Capital Budgets for the Central Durham Crematorium (for copy see file of minutes).

 

The Head of Finance - Financial Services advised that the changes in comparison to the 2014/15 budget were set out within the report and noted that the standstill positions in relation to the SLA and Fee and Charges as agreed at the previous items were incorporated.  It was explained that the income projection was prudent, to reflect any potential disruption due to ongoing improvement works, and noting that reserves would be used as agreed to complete the works, with the reserves to then be allowed to build back up to levels in readiness for the next cycle of cremator replacement.

 

The Joint Committee were reminded that the distribution of surplus to the constituent Authorities remained the same in 2015/16 and that there had been a movement of funds into the general reserve to maintain a level of 30% of the gross income budget in line with the reserves policy agreed by the Joint Committee.

 

A question was raised as regards whether the proposed distribution of surplus to the authorities could safely be factored into Medium Term Financial Plan (MTFP) considerations.  The Head of Finance - Financial Services noted that the distribution of surplus to Durham County Council had been factored into its MTFP and therefore Spennymoor Town Council could be assured that its distribution could be factored into budget considerations for 2015/16 and beyond. 

 

Resolved:

 

(i)       That the Joint Committee note and approve the revenue and capital budget proposals contained within the report.

(ii)      That the forecast level of reserves and balances at 31 March 2016 be noted.

 

Supporting documents: