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MEDIUM TERM FINANCIAL
PLAN 2011/12 - 2013/14 |
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2008/09 |
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2009/10 |
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2010/11 |
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2011/12 |
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2012/13 |
|
2013/14 |
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2014/15 |
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|
|
|
|
|
|
£'000 |
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|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'002 |
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|
Initial Budget (adjusted
for Formula Grant changes) |
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297,926 |
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337,097 |
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310,960 |
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292,540 |
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294,134 |
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Inflation and Other
Contingencies |
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3,194 |
|
-12 |
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Savings
implementation (Cabinet December 2010 refers) |
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3,450 |
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-3,450 |
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Projected overspend 2010/11 |
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|
688 |
|
-688 |
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Funding of budget amendments agreed at Cabinet 9/2/2011 |
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|
934 |
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-1,068 |
|
-366 |
|
200 |
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Inflation |
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|
4,491 |
|
4,600 |
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4,600 |
|
2655 |
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Committed
Growth |
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Approved to date |
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3,691[1] |
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0 |
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0 |
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Growth 2011-12 onwards- -assume can be met from existing contingencies in
11/12 |
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5,500 |
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5,800 |
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4,750 |
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3500 |
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2010/11 savings target
(Cabinet 7/7/10) |
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Reduction in Area Based Grant |
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4,125 |
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Loss of LPSA Reward Grant etc |
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1,727 |
|
-1727 |
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One-off savings towards 2010/11 target |
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-5,330 |
|
5330 |
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Ongoing savings towards 2010/11 target |
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-2,790 |
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Increase/
reduction in budget contingency |
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2,268 |
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-5330 |
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Savings |
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Approved to date |
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-4,520 |
|
239 |
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Other Adjustments
Required |
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Provision for increases in levies |
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353 |
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Capital Financing and
Investment |
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2,365 |
|
777 |
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-827 |
|
134 |
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0 |
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Pensions
Fund |
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|
900 |
|
1,250 |
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1,250 |
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0 |
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One off spending in 2008/09 |
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|
-317 |
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Other
Funding |
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Prioritisation of Area Based Grant |
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|
-295 |
|
3,707 |
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Service Improvement Growth |
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LAP Budgets |
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-2,380 |
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Contribution to
Investment Reserve |
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2,900 |
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Contribution to General
Balances |
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3,000 |
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Transfer of Grants |
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26,728 |
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Council Tax Freeze Grant |
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-1,961 |
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Transitional Grant |
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-4,143 |
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4,143 |
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Annual savings target |
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-29,322 |
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-33,020 |
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-9,340 |
|
-19450 |
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Budget Requirement |
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295,498 |
|
297,926 |
|
337,097 |
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310,960 |
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292,540 |
|
294,134 |
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280,839 |
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Formula
Grant |
|
-224,997 |
|
-228816 |
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-232,204 |
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-229,673 |
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-211,835 |
|
-211,411 |
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-198,938 |
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Formula
Grant adjustment |
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|
-26,728 |
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Collection Fund Surplus / Deficit |
|
-1,505 |
|
2000 |
|
-3,478 |
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-2,549 |
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68,996 |
|
71,110 |
|
74,687 |
|
78,738 |
|
80,705 |
|
82,723 |
|
81,901 |
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|
Council
Tax Base |
|
79,705 |
|
80303 |
|
84,343 |
|
88,917 |
|
91,139 |
|
93,417 |
|
95,752 |
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|
Recommended Band D
Council Tax - Tower Hamlets |
|
£836.37 |
£865.64 |
|
£885.52 |
|
£885.52 |
|
£885.52 |
|
£885.52 |
|
£885.52 |
|
£855.34 |
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|
Change in Council Tax |
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|
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
-3.41% |
|
|
|
|
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|
|
|
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|
|
Cumulative savings
target (Three Year Budget) |
|
|
|
-71,682 |
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|
|
|
|
NB Forecasts are incremental year on
year, not cumulative |
|
|
|
|
|
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|
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|
|
|
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|
|
Salaries |
|
|
142,557 |
|
135,429 |
|
132,043 |
|
128,742 |
|
|
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|
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|
|
|
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|
|
12.5% |
|
7.1% |
|
0.2% |
|
5.9% |
|
|
|
|
|
|
|
|
|
|
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|
|
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