RESOLVED:
1. That the impact on 2014/15 resources identified by the government’s consultation documents, and subsequent £2.5m increase in the budget gap for 2014/15 from £23m as notified 26 June 2013 cabinet to £25.4m be noted.
2. That the provisional funding gap for 2015/16, subject to the funding settlement, of £40m be noted.
3. That the available feedback from on-line consultation and community conversation events held at venues across the borough during summer and early autumn be noted.
4. That officers explore options to address the 2014/15 budget gap including scope for additional business rates growth, improved council tax collection and recovery, use of unapplied New Homes Bonus, increased use of future NHB to support revenue, further strategic financing opportunities from the acquisition of Tooley Street, refinancing of PFI schemes, reduction in contingency and contributions to balances, and confirming further possible government funding such as free school meals.
5. That officers continue to work on budget options for a balanced budget in 2014/15 for presentation to the cabinet in the autumn of 2013.