Agenda, decisions and minutes

To approve as a correct record the minutes of the meeting held on 30 July 2014, and to authorise the Chairman to sign them.

The minutes of the meeting held on 30 July 2014 were agreed as a correct record and were signed by the Chairman

Cabinet:

1.            Noted the impact of the March 2014 budget on the Council’s financial position.

2.            Noted the background to the Council’s current financial position and how this had impacted on the development of the future budget strategy.

3.            Noted the projected budget gap on which the development of the budget strategy had been based.

4.            Approved and recommended to Council the adoption of the revenue budget strategy statement set out in Appendix C of the report.

Councillor Roger Ramsey, Cabinet Member for Value, introduced the report

The current financial strategy, which was designed to address a range of national and local issues, would come to an end during 2014/15.  This strategy had already enabled the Council to address a significant budget gap, resulting from reduced Government  ...  view the full minutes text for item 10.

Cabinet:

1.            Noted the original and currently projected budget gap and the assumptions upon which these had been based, and the risks associated with them.

2.            Agreed the long term financial strategy, covering the period from 2015/16 to 2018/19, set out in the report.

3.            Noted that there was a range of risks and assumptions made as part of the development of the strategy and that updates would be provided to Cabinet should these vary.

4.            Noted that any alternative proposals from Overview & Scrutiny or opposition groups would need to be subject to a robust review before they could be considered for inclusion in the Council’s budget and therefore must be submitted prior to the next meeting of Cabinet on 24^th September in order to be considered for inclusion in public consultation.

5.            Considered the options available for the Local Council Tax Support Scheme and approved Option 1 (as set out in Appendix B of the report) for consultation with the Greater London Authority, members of the public and other interested parties.

6.            Noted that a range of corporate strategies would be impacted by the budget strategy and these would need to be updated and approved accordingly.

7.            Reviewed the initial proposal to maintain a core capital programme of around £4m a year subject to a detailed review of available receipts.

8.            Issued the approved financial strategy and proposed areas for budget reduction to Overview and Scrutiny in order to initiate appropriate consultation.

9.            Agreed to receive a further report in late September where comments from Overview and Scrutiny would be considered prior to agreeing a final list of proposals for formal consultation with the local community, stakeholders, other interested groups, staff and unions.

10.         Noted the advice of the Section 151 Officer in setting a robust budget.

Councillor Roger Ramsey, Cabinet Member for Value, introduced the report

Cabinet was informed that the report set out the Council’s long term financial strategy to manage the implications of funding reductions and cost pressures over the next four years.

It contained specific proposals to bridge the funding gap for the  ...  view the full minutes text for item 11.