Issue - meetings

Report of the Head of Corporate Finance and ICT

Further to Minute No. 75 of the meeting held on 5 December 2013, the Cabinet considered the report of the Head of Corporate Finance and ICT which provided an update on the broad contents and implications of the Provisional Local Government Finance Settlement 2014/15, and a summary of the feedback received on the recent consultation exercise regarding the proposed amendments to the Council Tax Reduction Scheme.

The Cabinet also considered a supplementary note which incorporated the Council’s response to the Provisional Local Government Finance Settlement, which had been submitted to the Government by the deadline of 15 January 2014

Decision Made:

(1)       the contents of the Provisional Local Government Finance Settlement be noted;

(2)       the Council’s response to the Provisional Local Government Finance Settlement be noted;

(3)       the impact of Provisional Local Government Finance Settlement with regard to the Revenue Budget for 2014/2015 be noted;

(4)       it be noted that until the outstanding referendum details are announced, the Council would not be in a position to consider its budget for 2014/2015;

(5)       it be noted that the impact on the potential budget shortfalls within the Medium Term Financial Plan were as follows: -

£m

2015/16          31.6

2016/17          22.2

Total               53.8

(6)       the Council be recommended to approve the 2014/15 Council Tax Reduction Scheme as set out in paragraph 8.3 of the report.

Reasons for Decision:

To ensure that the Cabinet was fully aware of the latest Revenue Budget position for 2014/15 so that early decisions would be made to enable the Council to agree a balanced budget for 2014/15 and agree the level of Council Tax before the statutory date of 10 March 2014.

To ensure that the Cabinet was fully aware of the latest Medium Term Financial Plan position so that early decisions would be made to enable the Council to achieve a sustainable financial position for the financial years 2015/16 and 2016/17.

Alternative Options Considered and Rejected:

None.