This report considers the level of Council Tax for 2017/18 and the policy on reserves.  It also provides details of the Council's formula grant funding settlement for 2017/18 and the Business Rates target for the Retained Business Rates funding mechanism, which is now operated as a pool across North Yorkshire.

In accepting the recommendations, Cabinet will approve and recommend to Council various decisions regarding the setting of the level of Council Tax; confirm that the indicators on expenditure and treasury management decisions are affordable, prudent and sustainable and approve the policy on Balances and Reserves.

The subject of the decision:

This report considered for level of Council Tax for 2017/18 and the policy on reserves.  In addition, it provided details of the Council's formula grant settlement for 2017/18 and the Business Rates target for the Retained Business Rates funding mechanism, which was operated as a pool across North Yorkshire.

Alternative options considered:

None.

The reason for the decision:

To maintain the long term viability of the Council’s finances and ensure sustainability by investing in community projects as determined by the Council’s priorities and supporting the maintenance and enhancement of service delivery.  To maintain the integrity of the Council’s financial strategy.

THE DECISION:

That Cabinet approves and recommends to Council that:-

(1)     That it be noted that on 15 January Council calculated the Council Tax Base 2017/18:-

(a)     for the whole Council area as 35,639.62  [Item T in the formula in Section 31B of the Local Government Finance Act 1992, as amended (the "Act")]; and

(b)     for dwellings in those parts of its area to which a Parish precept relates as in the attached Annex A1.  Figures will be completed when all precept amounts have been received and will be reported at Council on 21 February 2017.

(2)     That the Council has calculated the Council Tax requirement for the Council's own purposes for 2017/18 (excluding Parish precepts) as £3,545,429.40

(3)     That the following amounts be calculated for the year 2017/18 in accordance with Sections 31 to 36 of the Local Government Finance Act 1992:-

Figures for Stokesley Parish Council are to be determined on 13 February 2017 and therefore the following figures will be reported at Council on 21 February 2017

(a)   District/Parish Gross Expenditure

£                                     being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(2) of the Act taking into account all precepts issued to it by Parish Councils

(b)   District/Parish Gross Income (including Government Grants, use of Reserves and Collection Fund Surpluses etc)

£                                     being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(3) of the Act

(c)   District/Parish Net Expenditure

£                                     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 31A(4) of the Act, as its Council Tax requirement for the year (Item R in the formula in Section 31B of the Act)

(d)   Basic Amount of Tax (including average Parish Precepts)

£                                     being the amount at 3(c) above (Item R) all divided by Item T (1(a) above), calculated by the Council in accordance with Section 31B of the Act, as the basic amount of its Council Tax for the year (including Parish precepts)

(e)   Parish Precepts

£                              being the aggregate of all special items (Parish precepts) referred to in Section 34(1) of the Act (as per Annex ‘A’)

(f)   Basic Amount of Tax (Unparished Areas)

£99.48                     being the amount at 3(d) above less the result given  ...  view the full minutes text for item 69