Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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J Strategic Finance Director (Section 151 Officer) Review of the Budget 44 The level of General Reserves needs to reflect the risks the Council is facing. These risks will depend upon the robustness of the budgets, the adequacy of budgetary control and external factors such as inflation and interest rates. 45 In preparing the budget the following factors mitigate the risks in the budget: • Account has been taken of current spending trends and where known, costs have been built into the 2013/14 budget. • Budget risks have been explicitly considered in preparing the budget and taken into account, particularly the funding constraints going forward. • The level of reserves will continue to be closely monitored during the period of this <strong>MTFS</strong>, in the context of protecting the Council from existing and future liabilities. This is extremely important given the recent announcements by the Chancellor of the Exchequer regarding ongoing austerity measures and further funding reductions of 5% per annum until 2017/18 • The highest risk areas continue to be demand led services, especially care for elderly and vulnerable people where demand is continually rising, looked after children, and waste management, where significant investment is required to deliver the new waste facility. • Although additional resources are being invested in some of these areas under the proposed budget, particularly in relation to the care of the elderly and vulnerable people, robust and regular budget monitoring will, again, be essential, particularly in the context of the current forecast overspend in relation to adult care budgets. • Balancing the Council’s budget over this period of financial constraint requires a series of major changes. Whilst robust programme management plans are being put into place to deliver these savings, as evidenced by performance in 2012/13 and 2011/12, there is inevitably some residual risk. Adequate reserves will be necessary to meet any significant shortfalls, hence the strategy outlined in section I above. • Provision has been made for pay awards, pension increases and contractual inflationary pressures. • The reserves held are invested and the interest received supports the Council’s budget. 46 On the basis of the above, the Strategic Finance Director’s advice is that the level of reserves, following the movements detailed earlier, are adequate, the financial standing of the Council is sound in the context of the key risks, and that the proposed budget is robust and achievable. K Forward Draft Plans for the revenue budget in 2014/15 and 2015/16 47 The Council’s plans are set for the three years covering 2013/14 to 2015/16. The detailed draft budget for 2013/14 is set out within the <strong>MTFS</strong>, whilst the current draft forecast budgets for 2014/15 and 2015/16 are: 19
2014/15 2015/16 £m £m Budget 420.5 418.5 48 Outline financial proposals for 2014/15 and 2015/16 are shown in Annex 8. These have been formulated in accordance with the financial settlement covering 2014/15 and prudent estimates for 2015/16. L Capital Expenditure 49 The full capital programme is set out in Annex 9, with details of the financing of this programme being provided at the start of this Annex. 50 The capital programme provides investment in the county totaling £331 million over a fiveyear period from 2011/12 to 2015/16. The main investment is on Highways and Infrastructure (£185 million) and schools and facilities for children (£126 million). The new capital programme from 2013/14 is largely “capped” at the level of developer contributions and capital grants received, given that it is a Council priority to reduce the level of long term debt, and hence interest and capital repayments. Schemes in excess of this amount included within the new programme will be funded from other available finance sources, including Capital Receipts, the Capital Fund and by making revenue contributions to capital where possible, thereby avoiding the need for new borrowing. In accordance with the Council priority to reduce debt, provision for new schemes beyond 2013/14 is dependent upon funding and is likely to be “capped” at the level of developer contributions and capital grants received. 51 Additions to the Capital Programme The budget for 2013/14 contains £40.266 million for new investment capital schemes financed from grants, revenue contributions and capital receipts as set out in the table below. Grant £000 Schools (Indicative only) 8,742 Children & Families – U2’s Building Grant 810 Adults Social Care Grant (Provisional) 1,360 Infrastructure – Highways Block Maintenance Grant 14,974 Infrastructure – Integrated Transport Block Grant 3,642 Infrastructure – Cinderford Northern Qtr Spine Road 3,628 Infrastructure – ** Additional Funding Autumn Statement 2,708 Infrastructure - Fire 822 Total Grant 36,686 Revenue Contribution – Schools 580 Capital Receipts - Infrastructure 3,000 Total new Capital 2013/14 40,266 ** Following the Chancellors Autumn Statement in December 2012, the Council has received written confirmation regarding additional Local Highways Maintenance Capital 20
Page 1 and 2: Gloucestershire County Council Medi
Page 3 and 4: 7 The capital budget strategy refle
Page 5 and 6: This will then provide a further £
Page 7 and 8: The draft budget was also considere
Page 9 and 10: for non Academy Schools. These amou
Page 11 and 12: • Providing the basics - In the c
Page 13 and 14: (1) The budget provides for contrac
Page 15 and 16: Any increase in a school’s depriv
Page 17 and 18: In the future there is a risk that
Page 19: 40 Council’s financial standing a
Page 23 and 24: Entry’ approval had been given, w
Page 25 and 26: escheduling, and investments. • P
Page 27 and 28: ANNEX 1.1 : COMMISSIONING INTENTION
Page 29 and 30: Delivering Change Achieving improve
Page 31 and 32: Currently an estimated 38,000 older
Page 33 and 34: ANNEX 1.3: COMMISSIONING INTENTIONS
Page 35 and 36: Looking Forward Some of the changes
Page 37 and 38: Source LGA: From transition to tran
Page 39 and 40: The Council is ideally placed to ta
Page 50 and 51: Proposed Cost Increases 2013/14 - A
Page 52 and 53: Proposed Cost Reductions 2013/14 -
Page 54 and 55: Proposed cost reductions as part of
Page 56 and 57: Annex 4 Proposed Cost Reductions 20
Page 58 and 59: Forward Planning 2013/14 to 2015/16
Page 60 and 61: Revenue Outturn 2012/13 : Forecast
Page 62 and 63: • The Learning Disabilities Exter
Page 64 and 65: • Young people’s support: an un
Page 66 and 67: Reserve movements Balance at 31st M
Page 68 and 69: Academies. Such adjustments will be
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Scheme Name Actual Actual Forecast
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Annex 9 Capital Programme Prior Yea
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Scheme Name Prior Years 2011/12 £'
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Capital Programme Forecast - Decemb
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1. Background 1.1 The Chartered Ins
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5.3 Total borrowing requirement at
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7.8 Council’s Banker - The Counci
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Appendix A EXISTING PORTFOLIO PROJE
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4. Ratio of Financing Costs to Net
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9. Adoption of the CIPFA Treasury M
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Arlingclose’s Economic and Intere
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Specified Investments Appendix D Sp
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Councils Bank Account The Council b
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Notes: • This list could change i
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3. The Local Authority Mortgage Sch
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ANNEX 11 RISK MANAGEMENT STRATEGY 2
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Risk Management Policy Statement Gl
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What are our Strategic Risk Managem
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Appendix 1 - Risk Management Accoun
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Staff/Other Stakeholders ‣ Mainta
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i http://www.dh.gov.uk/prod_consum_
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Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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