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V26-1059 : LOCAL AUTHORITY FINANCE SETTLEMENT 1999/2000

The Director of Central Services circulated a report on the Local Authority Finance Settlement for 1999/2000, which was announced after the agenda despatch. Waveney's notified Standard Spending Assessment was £11.015 million, an increase of 2.1%. This was 1.7% less than the increase for the Council's type of authority, and equated to £181,000. The loss of council tax benefit subsidy would apply if the council tax increased by more than 4.5%, and this permitted a budget requirement of up to £11.3 million with out subsidy loss.
Based on the above it would be necessary to reduce the budget requirement in 1999/2000 by £151,000. Reserves were sufficiently robust to deal with this for 1999/2000 but the longer term position would need to be tackled. By the next meeting of this Committee the first draft of the detailed Revenue Budget for 1999/2000 would be submitted and this was considered to be a more appropriate time to make decisions on how to respond to the Finance Settlement and any other changes to forecasts.

RESOLVED

That the Local Authority Finance Settlement for 1999/2000 be noted and taken into account in future budget reports.


Volume 26 Minute 1059

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