Issue - meetings

Item FP 15/4 referred from Finance, Innovation and Property Advisory Board minutes of 7 January 2015

Item FIP 15/4 referred from Finance, Innovation and Property Advisory Board Minutes of 7 January 2015.

The Cabinet received the recommendations of the Finance, Innovation and Property Advisory Board at its meeting on 7 January 2015 in relation to the formulation of initial draft proposals in respect of the Budget.  It was agreed that all budgetary matters would be considered in detail at the subsequent Budget meeting of the Cabinet on 12 February 2015.

The report of the Director of Finance and Transformation referred to the responsibility of the Cabinet under the constitution for formulating initial proposals in respect of the budget.  Reference was made to the role of the Advisory Board in assisting the Cabinet and Council in the preparation of the budget within the context of the Medium Term Financial Strategy (MTFS) and the Council’s priorities.  An outline was given of the process for referring the Advisory Board’s recommendations to the Overview and Scrutiny Committee prior to consideration by the Cabinet on 12 February and thereafter by the Council at its Budget meeting.

The report set out the framework for considering the estimates in terms of the MTFS together with a number of Service specific issues.  The Director of Finance and Transformation drew attention to the key messages arising from the provisional Local Government Finance Settlement including the position regarding New Homes Bonus funding.  The implications of implementing a Council Tax freeze were discussed together with the threshold set by the Secretary of State for local referenda to approve or veto Council Tax increases of 2% or more.

The report indicated the factors to be taken into account when updating the MTFS and Members were advised of encouraging progress achieved to date towards the savings target.  It was noted that the MTFS would continue to be updated during the Budget cycle as more information became available.

RECOMMENDED:  That

(1)         the draft Revenue Estimates contained in the Booklet be endorsed; and

(2)        within the context of the financial pressures outlined in the report, the Overview and Scrutiny Committee be requested to consider the draft Revenue Estimates contained in the Booklet and make appropriate recommendations to the Cabinet for its special meeting on 12 February 2015.
*Referred to Cabinet