Agenda item - Targetted Budget Management (TBM) Provisional Outturn 2015/16

Extract from the proceedings of the Policy, Resources & Growth Committee meeting held on 9 June 2015; together with a report of the Executive Director of Finance & Resources (copy to follow, copy attached).

1)            That the Committee note the report.

21.1      The Committee considered a report of the Executive Director, Finance & Resources that provided the Targeted Budget Management (TBM) Provisional Outturn 2015/16 report together with an extract of proceedings of the Policy & Resources Committee held on 17 March 2016 from which the report had been referred.

21.2      Councillor Taylor noted that £1.9m of identified savings had not been achieved in 2015/16 and asked what more could be done to track and monitor savings made. Furthermore, Councillor Taylor noted that the council had increased its year-end provision for backdated business rates appeals to £500,000 and asked if the appeals process would be an ongoing issue for the authority.

21.3      The Executive Director, Finance & Resources stated that savings were tracked robustly and the full savings package had not been realised due to a range of factors. As savings became more complex and challenging to deliver, there would be a certain element of savings that may be unachievable or delayed for which risk provisions were identified when setting the budget. In relation to business rates, the Executive Director, Finance & Resources stated that this was a fluid issue with some element of uncertainty relating to central government policy.

21.4      Councillor Druitt stated that as the council moved to 100% retention of business rates, the reliance upon that income would be much higher and asked if the council had a clear plan on how to attract larger companies to the city.

21.5      The Executive Director, Finance & Resources clarified that there were several areas of uncertainty relating to business rates including the issue of equalisation which was of strategic importance nationwide. The Council had a very active economic development function and being part of the Greater Brighton region was of huge benefit in terms of attracting economic investment to the city.

21.6      RESOLVED- That the Committee note the report.