Decision details

The Council has a statutory duty to approve a level of Council Tax each year.  In addition, the Council has agreed to adopt a three year rolling Medium Term Financial Strategy

The Executive will be asked to propose to the Assembly a Council Tax for 2008/09 and a Medium Term Financial Strategy for 2008/09 to 2010/11

Received a report from the Corporate Director of Resources in relation to the revenue budget, setting of the Council Tax for 2008/09, and the Council’s three-year financial strategy.

Agreed, to recommend the Assembly to approve:

(i)  The revenue budget for 2008/09, as set out at Appendices A to G to the report;

(ii)  A Council Tax increase of 3.75% (split London Borough of Barking and Dagenham 4.31% and the Greater London Authority precept of 1.96% including the Olympic and Paralympic games levy), following the final levy announcement for the GLA;

(iii)  The three year financial planning figures arising from this budget proposal indicated at Annex 5 within the Medium Term Financial Strategy;

(iv)  The Medium Term Financial Strategy to assist the Council in future decision making on the budget and that it is continued to be reviewed on an annual basis;

(v)  The position on reserves as set out in the report;

(vi)  To note the continuing need to identify relevant efficiency gains throughout the organisation over a three-year period to meet the required Government targets;  and

(vii)  Delegate to the Divisional Director of Corporate Finance the responsibility to allocate initial savings targets across all services for the 2009/2010 budget process to commence in April 2008.

The Leader and Corporate Director of Resources placed on record their appreciation to the Divisional Director of Finance and his staff for their hard work in presenting the financial report.