Issue - meetings

This report is for information.  It sets out the overall financial position facing the Council for the next four years and highlights the significant risks, issues and uncertainties.  It also sets out the proposed budget setting process for, at least, the years 2019/20 and 2020/21, in order to maximise the period of consultation with residents, businesses and other key stakeholders.

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.

Councillor Margaret McLennan, Deputy Leader of the Council, introduced the setting out the overall financial position facing the Council for the next four years and highlights the significant risks, issues and uncertainties.

Councillor McLennan stated that the report also sets out the proposed budget setting process for, at least, the years 2019/20 and 2020/21, in order to maximise the period of consultation with residents, businesses and other key stakeholders.

Councillor Muhammed Butt, Leader of the Council, stated that, on the recommendations of this report the draft budget would be published for consultation in October 2018. Councillor Butt stated that, based on what is currently known, or can reasonably be assumed, about future funding settlements further substantial reductions in expenditure will be required.

Councillor M. Butt stated that the Council will need to take difficult decisions about which services to prioritise and protect and which to reduce in order to continue to deliver affordable and sustainable budgets.

RESOLVED:

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

(ii)          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.

(iii)         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

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

(v)          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.