Decision details

RESOLVED:-

8.1      Cabinet agreed the budget setting process for 2019/20 – 2020/21 including the approach to consultation and scrutiny as set out in the report.

8.2      Cabinet noted the Government’s commitment to proceed with Fair Funding Review, a reset of the Business Rates Baseline and a move to 75% Business Rates Retention, all to be implemented by April 2020 and the likely consequences of this for Brent’s future funding.

8.3      Cabinet noted that the current funding assumptions savings of at least £30.3 million will be required in order to agree balanced budgets for 2019/20 and 2020/21

8.4      Cabinet noted the Capital budgets and agreed the proposed 2017/18 capital budget carry forwards and capital virements set out in the report.

8.5      Cabinet agreed to allocate £1m to begin the process of developing and consulting upon investment options in the borough’s more dilapidates physical infrastructure, financed by the Investment Strategy Reserve.