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Budget Book 2008/09

Each year the Council approves a budget that makes provision for the total estimated cost of providing its services. This budget book contains details of the Council's spending plans for services to be provided between 1st April 2008 and 31st March 2009 covering:

• Day-to-day running costs: The Council's 2008/09 'General Fund Revenue Account' budget makes financial provision for all 'operational' expenditure on services
  
• New Investment: The 2008/09 Capital Programme makes budget provision for expenditure on major schemes or works
  
• Maintenance of Council Assets: Separate provision is made for the major repair and maintenance of the Council's existing property, vehicle, plant and equipment through contributions to the Property Maintenance Fund and the Repairs and Renewals Fund

The Revenue Budget

The Council's political management is carried out by a Leader and six Executive Councillors. Each Councillor is responsible for a portfolio of services. The Council's services are now represented in seven portfolio's as follows;

• Corporate Portfolio
• Customer Care Portfolio
• Economy & the Environment Portfolio
• Modernisation & Efficiency Portfolio
• Leader Portfolio
• Regulatory Services
• Resources, Performance & Audit Portfolio

Each portfolio is responsible for the specific activities contained within approved service plans. The overall allocation of resources to the portfolios are recommended by the Executive and confirmed by Council.

The Council is planning to spend some £36.9 million on the administration and delivery of services and in making benefit payments in 2008/09. The anticipated income from specific grants, agency reimbursements, fees, charges and rents is £25.6 million, which will reduce the net expenditure on services to £11.3 million.


Net Budget Requirement

The net cost of the portfolio budgets is met in part by the application of interest earned on capital and revenue balances and internal funding from reserves. The estimated interest return in 2008/09 is 5%.

The Capital Programme

The Council separately accounts for its expenditure on new assets or on the improvement of existing assets, where the benefit to the borough will extend beyond one year. An expenditure programme of £1.6 million has been approved for 2008/09.

The Council has no external loan debt. Capital expenditure is financed from reserves generated from the sale of land and other assets.

The Collection Fund

The Council collects local taxation within the Borough on behalf of Surrey County Council, Surrey Police and the Parish Councils as well as that needed to meet its own requirements. The money collected is separately managed along with central government grants. Of an estimated £53.5 million of Council Tax money collected £7.1 million will be used to fund Borough and Parish Council Services.

Surrey Heath Borough Council's share of the Council Tax money will be supplemented by £4.8 million in central government and business rate grants and so we will be able to meet the Council/Parish budget requirement of £11.75 million (net of a £0.1 million deficit on the collection fund).

Further information and analysis is included in the Council Tax leaflet, which is issued to all of the Borough's residents and businesses.

Reserves and Provisions

The Council reviews its financial balances annually. The Council's current policy is to make provision for the programmed maintenance of its property assets and to enable the full replacement of other major assets at the end of their economic life.