Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2010/116

Contact: Lorna Baxter, Assistant Head of Finance Tel: (01865) 323971

Report by Assistant Chief Executive & Chief Finance Officer (CA8).

This report is the third in the series for reports on the Business Strategy and Service & Resource Planning for 2011/12 – 2015/16  Service & Resource Planning process for 2011/12 - 2015/16 and will culminate in the Council setting a budget requirement for the authority and an amount of Council Tax for 2011/12 in February 2011.

The reports sets out a synopsis of what is contained in the Spending Review announced on 20 October 2010 along with subsequent announcements and the potential impact of them on Oxfordshire, highlighting where there are uncertainties and the level of risk those uncertainties form. Whilst the Spending Review does provide some information, the actual grant position for 2011/12 for both Formula Grant and Specific Grants along with capital funding, will not be known until the Draft Local Government Finance Settlement is announced in early December 2010.

The Cabinet is RECOMMENDED to:

(a)              note the outcome of the Spending Review, and the potential impacts on both revenue and capital;

(b)              note that clarity has been sought from Members of Parliament on the uncertainties which remain as a result of the Spending Review;

(c)               agree the proposed revision to the total savings targets in paragraph 27.

Cabinet considered the third in the series of reports (CA8) on the Business Strategy and Service & Resource Planning for 2011/12 – 2015/16  process for 2011/12 - 2015/16 that will culminate in the Council setting a budget requirement for the authority and an amount of Council Tax for 2011/12 in February 2011.

The report sets out a synopsis of what is contained in the Spending Review announced on 20 October 2010 along with subsequent announcements and the potential impact of them on Oxfordshire.

Cabinet noted that whilst the Spending Review provided some information, the actual grant position for 2011/12 for both Formula Grant and Specific Grants along with capital funding, will not be known until the Draft Local Government Finance Settlement is announced in early December 2010.

RESOLVED:             to:

(a)               note the outcome of the Spending Review, and the potential impacts on both revenue and capital;

(b)               note that clarity has been sought from Members of Parliament on the uncertainties which remain as a result of the Spending Review;

(c)               agree the proposed revision to the total savings targets in paragraph 27.