(i)

outlined proposals to reduce net revenue spend by £0.410m to

£202.216m through proactive treasury management action

which would reduce the Council’s overall capital financing

costs;

(ii)

proposed final amendments to the Revenue Budget 2010/11,

including a review of the reserves position, as a result of the

latest monitoring of the 2009/10 budgets.  

(1)

the Corporate Asset Management Plan 2005 – 2015 (incorporating the capital programme for 2010/11 – 2014/15) is approved (Cabinet minute 126 refers);    

(2)

the Treasury Management Strategy Statement and Investment Strategy 2010/11 is noted (Cabinet minute 127 refers) and approval is given to -  

(a)

the authorised borrowing limits of £347m, £337m and £324m for the period 2010/11 to 2012/13;

(b)

the Operational Boundary of £295m, £295m and £293m for 2010/11 to 2012/13;

(c)

the prudential indicators as set out in the Appendix to the report of the Director for Corporate Support (submitted to Cabinet on 9 February 2010), on the 2010/11 budget update;

(d)

the amendment of the statutory borrowing limits for 2009/10 as follows -

?

authorised limit - £495m;

?

operational boundary - £465m;

(e)

the Minimum Revenue Provision Policy for 2010/11.

(3)

the proposals contained in the update report of the Director for Corporate Support are approved as follows -  

(a)

to reduce net revenue spend by £0.410m to £202.216m

through proactive treasury management action to reduce

the Council’s overall capital financing costs; and

(b)

final amendments to the Revenue Budget 2010/11 as set

out in the report, including a review of the reserves

position, as a result of the latest monitoring of the 2009/10

budgets;  

 (4)

approval is given to the proposed target budget requirement (capital and revenue) for 2010/11 (Cabinet minute 128 refers, as amended by resolution (3) above);

(5)

with a net budget of £201.825m the Band D Council Tax for Plymouth City Council purposes will be £1,244.67. The total Band D Council Tax after taking account of the precept from the Devon and Cornwall Police Authority of £156.60 and of the precept from the Devon and Somerset Fire and Rescue Authority of £71.77  will be £1,473.04 for the year 2010/11;

(6)

it is noted that at its meeting on 1 February 2010, the Council calculated the amount of 76,899 as its Council Tax Base for the year 2010/11 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 by the Local Authorities (Calculation of Council Tax Base) (Amendment) (England) Regulations 2003 and the Council Tax (Prescribed Classes of Dwellings)(England) Regulations 2003, made under Section 11A of the Local Government Finance Act, 1992, as inserted by Section 75 of the Local Government Act 2003, and the Local Authorities (Calculation of Council Tax Base) (Amendment) (England)(No.2) Regulations 2003;

(7)

the following amounts be now calculated by the Council for the year 2010/11 in accordance with Sections 32 to 36 of the Local Government Finance Act, 1992 (referred to hereafter as ‘the Act’) -

(a)

£612.493m

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)

£410.668m

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)

£201.825m

Being the amount by which the aggregate at 3(a) above exceeds the aggregate at 3(b) above calculated by the Council, in accordance with Section 32(4) of the Act, as its budget requirement for the year;

(d)

£106.111m

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, increased by the amount of the sums which the Council estimates will be transferred in the year from its Collection Fund to its General Fund in accordance with Section 97(3) of the Local Government Finance Act, 1988, and increased by the amount of the sums calculated in accordance with the Local Government Changes for England (Collection Fund Surpluses & Deficits) Regulations, 1995;

(e)

£95.714m

Being the amount at 7(c) above less the amount at 7(d) above, all divided by the amount at 6 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

829.78

B

968.08

C

1,106.37

D

1,244.67

E

1,521.26

F

1,797.86

G

2,074.45

H

2,489.34

Being the amounts given by multiplying the amount at 7 (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;

(8)

it is noted that for the year 2010/11 the Devon and Cornwall Police Authority have stated the following amounts in precept issued to the Council, in accordance with section 40 of the Act, for each of the categories of dwellings shown below -

Valuation Bands

Police Authority

£

A

104.40

B

121.80

C

139.20

D

156.60

E

191.40

F

226.20

G

261.00

H

313.20

(9)

it is noted that for the year 2010/11  the Devon and Somerset Fire and Rescue Authority have stated the following amounts in precept issued to the Council, in accordance with section 40 of the Act for each of the categories of dwellings shown below -

Valuation Bands

Fire Authority

£

A

47.85

B

55.82

C

63.80

D

71.77

E

87.72

F

103.67

G

119.62

H

143.54

(10)

having calculated the aggregate in each case of the amounts at 7(f), (8) and (9) above, the Council, in accordance with Section 30(2) of the Act, sets out the following amounts of Council Tax for the year 2010/11 for each of the categories shown below –

Valuation Bands

£

A

982.03

B

1,145.70

C

1,309.37

D

1,473.04

E

1,800.38

F

2,127.73

G

2,455.07

H

2,946.08