Agenda item - Financial Inclusion

Report of the Director of Finance (copy attached).

(1)               That the Financial Inclusion Strategy as set out in appendix one to the report be approved;

(2)               That the commissioning and implementation plans as set out in appendices two, three and four to the report be approved;

(3)               That the summary needs assessment and the summary findings of the equalities impact assessment that describe the particular impacts for people and places in the city, as described in appendices four and five to the report be noted;

(4)               That the Executive Director for Finance & Resources be granted delegated authority for the allocation and prioritisation of resources to commission and deliver against priority actions within the available budget; and

(5)               That it be noted that the annual performance and progress monitoring of the Financial Inclusion Strategy would be implemented.

162.1          The Director of Finance introduced the report and stated that it was a period of rapid change for residents in terms of the services being provided by the council and welfare reforms at a time of uncertainty economically.  Hence the aim to promote financial inclusion and enable residents to access services and support to meet their basic needs.

162.2          The Chair stated that this had been a huge piece of work and recognised that there had been a delay in bringing the report to fruition; however he felt that the level of engagement in the process had been very impressive and wished to thank the officers concerned for their work.

162.3          Councillor A. Norman stated that it was an excellent report and that there was a clear need for the strategy.  She noted that a lot of investment was being placed in the project and hoped that monitoring and review arrangements would be in place to ensure that the funding could be accounted for.  She also wished to thank the officers involved in bringing the report to the committee.

162.4          The Director of Finance stated that the tracking of elements of the project and its overall impact would be undertaken and a suite of indicators were being established to enable the monitoring and tracking of aspects at various levels.

162.5          Councillor Morgan welcomed the report and stated that it was likely to be an important issue for the council and residents for a number of years ahead and drew the committee’s attention to paragraph 3.6 of the report which he felt was one of the most significant paragraph in a report to a committee.  He also suggested that there was a need to look at the issue of under-employment and that it would have been helpful to have issued a booklet with the council tax bills on this matter.

162.6          The Chair noted the comments and stated that he was happy to reflect on the question of a booklet but noted that the government had been making changes and releasing information at a very late stage and therefore it would have been difficult to produce something in time to go out with the bills that was up to date.

162.7          Councillor Littman stated that it was a very good report and he hoped would enable people to become more financially resilient and help to prevent them falling into the poverty trap.

162.8          Councillor Peltzer Dunn stated that it was important to monitor the success of the strategy as the council’s own level of responsibility would go beyond the three years and he hoped that there would be a future report reviewing the process.

162.9          The Director of Finance stated that officers would be looking at how further information was brought back to Members and how it was included in the budget setting process.

162.10      Councillor Mitchell stated that she wished to thank the officers involved and for an excellent report and suggested that the Local Strategic Partnership could monitor a range of the work identified.

162.11      The Chair then put the recommendations to the vote.

162.12       RESOLVED:

(1)         That the Financial Inclusion Strategy as set out in appendix one to the report be approved;

(2)         That the commissioning and implementation plans as set out in appendices two, three and four to the report be approved;

(3)         That the summary needs assessment and the summary findings of the equalities impact assessment that describe the particular impacts for people and places in the city, as described in appendices four and five to the report be noted;

(4)         That the Executive Director for Finance & Resources be granted delegated authority for the allocation and prioritisation of resources to commission and deliver against priority actions within the available budget; and

(5)         That it be noted that the annual performance and progress monitoring of the Financial Inclusion Strategy would be implemented.