Decision details

The Committee:

(1)            Received the Minutes of the meeting of the Financial Policy Panel held on 11 September 2018.

(2)            Agreed the following overall revenue budget target for 2019/20:

a)              Estimates to be prepared including options to reduce organisational costs by £406,000, subject to government grant announcement, in order to minimise the use of working balances and maintain a minimum working balance of £2.5 million in accordance with the medium term financial strategy;

b)              That at least £200,000 additional revenue is generated from an increase in discretionary fees and charges;

c)               That a provision for pay award is made of £280,000 that represents an increase to the staffing budget of 2.5%, 1% for cost of living and 1.5% for progression.

d)              That further savings and efficiencies be identified to address the budget shortfall of £113,000 in 2019/20;

e)              That £200,000 from the financial gain of being part of the Pilot for Business Rates is used to mitigate the potential payment of £625,000 to government for ‘negative RSG’.