DECISION

1.    To note the changes to the draft budget position for 2019-2020 and over the MTFS period 2019-2022.

2.    To note the illustrative modelling for the 2019-20 London Business Rates Retention Scheme.

3.    To note the decisions of London Councils to participate in the 2019-20 London Business Rates Retention Scheme.

4.    To note the options for Council Tax levels over the MTFS period 2019-2022.

5.    To note the analysis and outcomes from the Your Borough Your Future budget consultation in Appendix A and have due regard to the issues raised in finalising its detailed budget proposals.

6.    To note the additional resources required over the MTFS to cover estimated risks and uncertainties.

7.    To note proposed increase to tenanted service charges by 3.4% from the first week in April 2019.

8.    To note the Equalities Impact Assessment / specific equalities considerations as set out in section 4 of the report.

Action by:

ACTING CORPORATE DIRECTOR, RESOURCES (N. MURTON)

(Interim Divisional Director, Finance, Procurement and Audit)

Councillor Candida Ronald, Cabinet Member for Resources and the Voluntary Sector, provided the Mayor and Cabinet with an update on the Council’s Budget and Medium Term Financial Strategy. She reported on the Chancellor’s recent budget announcements and confirmed additional funding on winter pressures for one year only. She also updated Members on the Local Government Settlement and the London Business Rates Retention Scheme.

The report provided information on the recent budget consultation exercise undertaken with residents which suggested that residents would like the Council to generate more income and look to create further efficiencies in its operations as ways of supporting the Council’s work given the financial pressures the authority was facing.

The Mayor noted that the draft budget proposals for 2019-20 would be published before the end of the week. He agreed the recommendations as set out.

RESOLVED

1.    To note the changes to the draft budget position for 2019-2020 and over the MTFS period 2019-2022.

2.    To note the illustrative modelling for the 2019-20 London Business Rates Retention Scheme.

3.    To note the decisions of London Councils to participate in the 2019-20 London Business Rates Retention Scheme.

4.    To note the options for Council Tax levels over the MTFS period 2019-2022.

5.    To note the analysis and outcomes from the Your Borough Your Future budget consultation in Appendix A and have due regard to the issues raised in finalising its detailed budget proposals.

6.    To note the additional resources required over the MTFS to cover estimated risks and uncertainties.

7.    To note proposed increase to tenanted service charges by 3.4% from the first week in April 2019.

8.    To note the Equalities Impact Assessment / specific equalities considerations as set out in section 4 of the report.