The Director of Finance presented the projected budget for 2012-2015, which had been considered by the Cabinet on 1 September 2011 (minute 92 refers). He set out the assumptions which underpinned the projections and reported upon the outcome of grant negotiations and other legislative issues. Balances were projected to be £7.4m at 31 March 2012 and with savings having been taken into account, he reported that there would be a projected shortfall of £25.3m in 2012/2013, £31m in 2013/2014 and £30.3m in 2014/2015.

The Director responded to comments from Members and stated that the information from the 2011 Census was expected from the Office of National Statistics in late 2012, which was likely to feed into the 2013 grant settlement. A report would be going to the next Cabinet on the capitalisation of £4m for statutory redundancy payments, which had received outline approval from the Department for Communities and Local Government.  

Resolved - That the budget projections be reviewed on a regular basis.