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BUDGET FAIR 2012 Tim Richens Divisional Director of Finance

BUDGET FAIR 2012 Tim Richens Divisional Director of Finance. Revenue Budget. Council Finances. The Financial Challenge. CSR2010 – 28% Cut in Government Grant Funding – most of which was front loaded. 2013/14 – 2015/16 expect further significant cuts – estimated at least 17%.

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BUDGET FAIR 2012 Tim Richens Divisional Director of Finance

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  1. BUDGET FAIR 2012 Tim Richens Divisional Director of Finance

  2. Revenue Budget

  3. Council Finances

  4. The Financial Challenge • CSR2010 – 28% Cut in Government Grant Funding – most of which was front loaded. • 2013/14 – 2015/16 expect further significant cuts – estimated at least 17%. • Grant Settlement for 13/14 now Due Late December. • Next CSR likely to be 2013 – cover next 3 or 4 years. • Public Sector Financial Challenge likely to remain until at least 2018.

  5. The Budget Approach • Three Year Budget – 2013/14 to 2015/16 • Only Essential Cost Pressures • Continued Focus on Efficiency Savings • Maximising savings from Change Programme • Increased and Diversified Income • Minimise Cost of Borrowing - Past & Future • Enable Communities to be More Self Sufficient • Make Better Use of Council Assets • Service Reductions in Lower Priority Areas

  6. Budget Risks & Assumptions Key Risks • Impact of System Changes particularly Localised Business Rates and Council Tax Changes • Government Funding Reductions – Could Vary Significantly (positive or negative). Other • Inflation – current low levels maintained – assumed around 2% • Pay – small provision (1%) assumed for each of next three years.

  7. Budget – Key Dates • Early November – commence Consultation with Staff, Unions and Stakeholders • November - Policy Development & Scrutiny Panels • Late December - Government Financial Settlement • January – Cabinet Draft Budget Proposal • 13th February - Budget Report to Cabinet • 19th February - Budget Report to Council

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