Bournemouth Cabinet meets to decide on Council tax freeze

Bournemouth Council’s Cabinet meets to decide on how to manage the Budget surplus, as well as ways to improve the functioning of the Treasury.

The Bournemouth Council’s Cabinet members are meeting this morning to discuss the Medium Term Financial Plan 2012/13 – 2016/17. The other issues being debated on include Budget Options for 2012/13, including consensus on the Capital Budget 2012/13 to 2014/15 and how the Treasury should be managed for the current financial year.

All members of the Cabinet from Bournemouth council are expected to be present at the meeting.

The proposed General Fund budget for 2012/13 will result in a £90,000 contribution to balances. There is currently an accumulated surplus in the General Fund of £19.46 million for  March 31, 2012. The Council has decided to freeze an increase in Council Tax for the second consecutive year, and this will not affect any existing services in the Borough.

The Capital Budget will provide details of the approved Budget for the period 2012/13 to 2014/15 and is to be included in the period 2012/13. The council’s Executive Gateway Board has the responsibility of making recommendations for capital budget proposals, which are subject to approval by the Cabinet.

The purpose of the report for the Treasury Management Strategy is to arrive at an agreement for 2012/13, on issues like Prudential indicators, Housing Revenue Account (HRA) interest rates etc. As many banks and building societies have been downgraded by credit rating agencies during the recession, they continue to be poorly rated.

The outcome of the meeting is still awaited.

 

Picture: © Copyright Chris Downer.

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