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Budget Digest 2012/13

Budget Digest 2012/13 – 2015/16

Introduction
Welcome to Torbay Council’s Budget Digest for 2012/13 to 2015/16. This digest aims to provide Members, Officers and Torbay residents with a clear picture of the resources the Council will invest in its services in the current financial year and a projection of ongoing commitments over the subsequent three years to 2015/16 based upon current service provision.
The first section of the Budget Digest provides the background leading up to the setting of the revenue and capital budgets, as shown by the various reports to Council. These reports include the setting of prudential indicators for capital finance and the Council Tax setting report. In addition a summary of the budget build up and a summary of the funding of both the Revenue and Capital budgets are also included.
The budget for 2012/13 has been set in the context of the Coalition Government’s four year Comprehensive Spending Review, which reduces the funding to local authorities by 28% over four years. This has required Torbay to make a number of difficult decisions to ensure a robust budget could be set. The Council will be subject to further reductions over the following years. In addition, in the proposed Finance Bill, there will be significant changes to the Council’s funding from April 2013 with both the localisation of business rate income and a localised council tax reduction scheme.
In arriving at the final approved revenue and capital budgets the Council has undertaken a detailed review and prioritisation process, which was initially based on the Community Plan and the Council’s Medium Term Resource Plan.  This was then developed by considering reports on the outcome of the Local Government Finance Settlement for revenue and capital, peer and stakeholder views and challenge of budget proposals.
Detailed budget reports for each business unit were presented by the Mayor for scrutiny in December 2011 for full examination and consultation with stakeholders.  The budget reports and supporting information presented to Members outlined the full implications, consequences and risks of the budget proposals for the Council.  In addition the Overview and Scrutiny Board prepared a report for Council, which outlined their recommendations, with particular reference to the risks associated with each of the budget options.  These reports were copied to all Members.    
In summary the Council will spend £370 million during 2012/13 on revenue and capital expenditure which includes:
The Budget Digest is merely a document which describes the proposed Council plans in financial terms and should be read in conjunction with the Community and Corporate Plans for an overview and service business plans for the more detailed action and outcomes expected. The Capital Investment Plan indicates how the Council intends to invest in its asset base and how the programme will be funded.
The Council is regularly updating its Medium Term Resource Plan (MTRP) in the light of issues arising and latest information from central Government.  This Plan looks forward to assess future spending plans and resources. This is constantly reviewed with the next update due during summer 2012.
Paul Looby
Executive Head for Finance
March 2012

Financing of Expenditure

Committee Reports

Council 8 February 2012
Council 1 February 2012
Council 1 February 2012
Council 1 March 2012
Council 8 December 2011

Summaries

Detailed Revenue Service Budgets 2012/13


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