Agenda item

That the savings set out in Appendix A of the report be included in the Revenue Budget 2014-15 to be approved by Council in February, subject to any further adjustments.

The Assistant Director, Finance and Audit introduced a report requesting approval for the first tranche of savings proposals for inclusion in the 2014-15 revenue budget which would be recommended to Council in February 2014.

Members were informed of a number of changes to the assumptions in the Medium Term Financial Strategy (MTFS) model since the previous update to the Cabinet in July 2013.  These included an increase in the Council Tax Base, retained Business Rates and none ring-fenced grants, however, a further reduction in the Revenue Support Grant was anticipated and a number of further directorate pressures, particularly within Children’s Services, meant that the net impact of these changing assumptions was to increase the total savings requirement for 2014-15 by circa £0.5m.  In excess of £12m worth of revenue savings were required for 2014-15, of which the report had identified £9.1m with a further £3.1m yet to be identified.  The assumptions underpinning the MTFS were subject to further change pending the Local Government Finance Settlement which would follow the Chancellor’s Autumn Statement to be delivered in December 2013.

Members discussed the savings set out in Appendix A to the report which were proposed to be recommended to Council in February 2013.  The Cabinet thanked officers for the progress that had been made to date in identifying the proposed savings and welcomed the fact that the savings were focused on corporate services rather than front line services.  Following due consideration, it was agreed that the proposed savings would be included in the 2014-15 Budget.

Resolved –  That the savings set out in Appendix A of the report be included in the Revenue Budget 2014-15 to be approved by Council in February, subject to any further adjustments.