Agenda item

This report has been circulated separately as Supplementary Agenda 1.

Received a report from the Corporate Director of Resources, in relation to the Revenue Budget, setting of Council Tax for 2009/10 and the Council’s three-year financial strategy.

Noted that social inclusion and diversity issues were considered during the preparation of the budget proposals and, as a consequence, the budget takes into account the impact that any savings packages put forward would have on the vulnerable and disadvantage groups of the community.

Agreed, in order to assist the Council to achieve all of its Community Priorities and as a matter of good financial practice, to:

  (i)  Recommend the Assembly to approve:

(a)  The revenue budget for 2009/10, as set out at Appendices A to G of the report;

(b)  A Council Tax freeze for 2009/10 as set out at Appendix H, subject to the final precept announcement for the Greater London Authority;

(c)  The three year financial planning figures arising from this budget proposal indicated at Appendix I of the report;

(d)  The indicative savings proposals for 2010/11 and 2011/12 indicated at Appendix J of the report;

(e)  The position on reserves as set out in paragraph 2.4 of the report.

  (ii)  Note the continuing need to identify relevant efficiency gains throughout the organisation over a three year period to meet required Government targets;

  (iii)  Note that the Council’s three-year Medium Term Financial Strategy will now be combined into the Council Plan, which will be presented to the Executive in March 2009; and

  (iv)  Delegate authority to the Divisional Director of Corporate Finance to allocate initial savings targets across all services for the 2010/2011 budget process to commence in April 2009.

Thanked the Divisional Director of Corporate Finance and his staff for their work on the budget.