Agenda item

Report of the Director of Finance: Council Budget and setting of the Council Tax 2004 / 2005

Minutes:

Received the report of the Director of Finance advising on the Council’s budget position and Council Tax for 2004 / 2005, the adoption of a medium Term Financial Strategy and a Capital Programme.

 

Agreed:

 

A  The Budget 2004 / 2005

 

1.  That it be noted that at its meeting on 13 January 2004 the Executive calculated the amount of 51,055.3 as its Council Tax Base for the year 2004 / 2005 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.

 

2.  That the following amounts be now calculated by the Council for the year 2004/2005 in accordance with Sections 32 to 36 of the Local Government and Finance Act 1992:

 

(a)

£463,630,617

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.

 

 

 

(b)

£243,462,617

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.

 

 

 

(c)

£220,168,000

being the amount by which the aggregate at 2(a) above exceeds the aggregate at 2(b) above, calculated by the Council, in accordance with Section 32(4) of the Act, as its budget requirement for the year.

 

 

 

(d)

£175,817,282

 

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, revenue support grant reduced by the amount of the sums which the Council estimates will be transferred in the year from its General Fund to its Collection Fund in accordance with Section 97(3) of the Local Government Finance Act 1988 and further increased by the amount of any sum which the Council estimates will be transferred from its Collection Fund to its General Fund pursuant to the directions under Section 98(4) of the Local Government Finance Act 1988 made on the 7th February 1994.

 

 

 

(e)

£868.68

being the amount at 2(c) above less the amount at 2(d) above, all divided by the amount at 1 above, calculated by the Council, in accordance with Section 33(1) of the Act, as the basic amount of its Council Tax for the year.

 

(f)  Valuation Bands

 

A

B

C

D

E

F

G

H

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

579.12

675.64

772.16

868.68

1,061.72

1,254.76

1,447.80

1,737.36

 

being the amounts given by multiplying the amount at 2(e) above by the number which, in the proportion set out in Section 5(1) of the 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 Act, as the amounts to be taken into account for the year in respect of categories of dwellings listed in different valuation bands.

 

3.  That it be noted that for the year 2004 / 2005 the Greater London Authority has stated the following amounts in precepts 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:

 

  Precepting Authority - Greater London Authority

 

  Valuation Bands

 

A

B

C

D

E

F

G

H

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

160.89

187.70

214.52

241.33

294.96

348.59

402.22

482.66

 

4.  That, having calculated the aggregate in each case of the amounts at 2(f) and 3 above, the Council, in accordance with Section 30(2) of the Local Government Finance Act 1992, hereby sets the following amounts as the amounts of Council Tax for the year 2004 / 2005 for each of the categories of dwellings shown below:

 

  Valuation Bands

 

A

B

C

D

E

F

G

H 

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

740.01

863.34

986.68

1,110.01

1,356.68

1,603.35

1,850.02

2,220.02

 

B  To adopt the Medium Term Financial Strategy for the future years as set out in Appendix 4 of the report;

 

C  The Capital Programme for 2004 / 2005 to 2007 / 2008 in accordance with the recommendations approved by the Executive on 24 February 2004 as set out in Appendix 3 of the report; and

 

D  The position of the Council’s Reserves as set out in paragraph 3.1 of the report.

Supporting documents: