Issue - meetings
Collection Fund Surplus/Deficit at 31 March 2012
Meeting: 12/12/2011 - Executive (Item 9)
9 Collection Fund Surplus/Deficit at 31 March 2012 PDF 76 KB
As part of the Council Tax setting process for 2012/2013 the Council is required to estimate the amount of any surplus or deficit on the Collection Fund as at 31 March 2012. This must be done by the 15 January 2012 and this report asks Members to approve the balance projected.
Decision:
that agreement give to the calculation of the estimated Collection Fund balance as at the 31 March 2012 as a surplus of £1.0million.
Minutes:
As part of the Council Tax setting process for 2012/2013 the Council is required to estimate the amount of any surplus or deficit on the Collection Fund as at 31 March 2012. This must be done by the 15 January 2012 and this report asks Members to approve the balance projected. Councillor Butt in introducing the report advised that the deficit would be split with the Greater London Authority. The Director of Finance and Corporate Services advised that The GLA share (based on its share of the total precept in 2011/2012) would be 22.64% of any surplus. If a surplus of £1.0m was declared, the GLA share would be £226,000, leaving Brent’s share as £774,000. This would form part of the 2012/14 budget report.
RESOLVED:
that agreement be given to the calculation of the estimated Collection Fund balance as the 31 March 2012 as a surplus of £1.0million.