Issue - meetings

The Executive Director, Finance and Resources gave a short presentation which covered the current financial position in respect of the assumptions that had been made and the current position.  It was confirmed that there would be a full report presented to the Executive Committee meeting in January.

The presentation included the following:

·         Costs in respect of pay scales and adjustments to take account of the increase in the living wage.

·         Treasury and capital borrowing costs.

·         Unidentified savings – these would be stripped out and put back in as pressures.

·         There would not now be a negative impact from the Revenue Support Grant.

·         A shortfall in the Non Domestic Rates and also in Council Tax – this was due to there not being the developments that had been expected.

·         Details around the Section 31 grant.

·         A budget gap of £496k and the work which was being carried out to address this, including the possible inclusion of vacancy management savings.

·         The impact of changes to the New Homes Bonus Scheme (NHB).  2019/20 would be last year for new payments.

RESOLVED that

the presentation be noted.